ALTO Fund II Goes Shopping in Metro Chicago

The real estate investment fund paid $32 million for a shopping center located in Homewood, Ill.

By Ioana Neamt

Aerial view of Washington Park Plaza, Homewood, Ill.
Aerial view of Washington Park Plaza, Homewood, Ill.

Chicago—New York-based real estate investment fund ALTO Fund II joined forces with Besyata Investment Group to acquire a 235,000-square-foot retail center in suburban Chicago. The joint venture paid $32 million for the asset.

Located at 17730 S. Halsted St., in Homewood, Ill., the Washington Park Plaza shopping center is conveniently situated off the I-294, within the heavily trafficked Halsted Street corridor. Boasting a 95 percent occupancy rate at the time of sale, the center is home to retailers such as Starbucks, TJ Maxx, Ross Dress for Less, Petco and Party City.

“We are continuing our strategy of investing in value-add properties in strong areas,” Scott Onufrey, ALTO managing partner, said in a statement. “We believe that the U.S. real estate market provides interesting opportunities, especially at a time of economic uncertainty in the world.”

ALTO started its second fund in 2014 with a $47.2 million retail purchase in Moreno Valley, Calif.