Prince William Square in Woodbridge, VA
WOODBRIDGE, VA – ALTO Real Estate Funds has purchased the 232, 957-square-foot shopping center, Prince William Square, in a $37.85 million transaction.
Located in in Woodbridge, VA, 20 miles from Washington DC, the center is situated directly across from Virginia's largest outlet shopping mall, Potomac Mills.
The property, currently 89% leased, hosts national retailers, such as Ross Dress for Less, Ashley Furniture, Jo-Ann Fabrics, MOM's Organic Grocer, dd's Discounts and Harbor Freight Tools.
This transaction marks the ALTO Real Estate Funds' first acquisition within the Northern Virginia market. Through the acquisition, the firm aims to expand its presence in the mid-Atlantic area.
The property serves at the ninth asset to be acquired by ALTO Real Estate Fund's Fund 3, which has acquired $330 million of assets within the past two years. The fund intends to invest an additional $400 million throughout the next two years.
The acquisition was financed with a $25 million, 7-year term loan at a fixed-rate from Morgan Stanley Bank. The debt was secured on behalf of ALTO Real Estate Funds by Walker & Dunlop's Los Angeles capital markets team.
ALTO Real Estate Funds is a series of closed-end investment funds, focused on value-add commercial real estate assets throughout the US. The fund was established in 2010, and has invested in 63 properties, representing 12 million square feet and valuing $1.3 billion, to date. ALTO Real Estate Fund has offices in Dallas, Columbus, Hoboken and Tel Aviv.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
