ALTO Fund II and M & J Wilkow Acquire Plaza at the Pointe Shopping Center in Pittsburgh
Chicago, Illinois (November 16, 2016) – ALTO Fund II, a New York based real estate investment fund, in a joint venture with M & J Wilkow, Ltd., announced the acquisition of Plaza at the Pointe Shopping Center, a 149,943 square foot community shopping center located in Pittsburgh’s Parkway West Corridor.
Plaza at the Pointe is 94% occupied and is anchored by national retail tenants including Bed Bath & Beyond, Party City and Old Navy. Located just off I-376, the Center is five miles from the Pittsburgh International Airport and eleven miles from Downtown Pittsburgh. Strong visibility from both I-376 and Summit Park Drive, with 80,000+ vehicles passing the Center per day makes Plaza at the Pointe an ideal retail location.
Scott G. Onufrey, ALTO’s Managing Partner stated: “We are very excited about the acquisition of Plaza at the Pointe. The property provides an optimal combination of in-place income, growth potential and a great location. We hope to grow our presence in the Pittsburgh market and we look forward to growing our relationship with M & J Wilkow."
The addition of Plaza at the Pointe to M & J Wilkow’s portfolio marks the Company’s sixth transaction in the Pittsburgh market. Marty Sweeney, Senior Vice President of Acquisitions for M & J Wilkow added, “The growth of the Parkway West Corridor and its position as one of the strongest shopping districts in Western Pennsylvania makes this acquisition a highly attractive investment opportunity. We are eager to put our Pittsburgh market expertise to work in leasing and managing Plaza at the Pointe.”
About ALTO Real Estate Funds
ALTO Real Estate Funds, founded in 2010, is a series of closed-end investment funds specializing in value-add commercial real estate investments throughout the United States. To date ALTO has invested $1 billion in 54 assets, consisting of approximately 11 million square feet, and has sold its interest in 14 properties. For more information, visit www.alto-investments.com.
About M & J Wilkow
M & J Wilkow is a leading commercial real estate owner and operator dedicated to creating value for its investors. The Company’s approach to real estate emerged distinctively from an owner's perspective and has evolved over seventy seven years in the real estate business. M & J Wilkow’s portfolio consists of 35 properties, which includes 12 office buildings and 23 retail properties consisting of approximately 7.6 million square feet. The aggregate market value of the portfolio is estimated to be in excess of $1.575 billion. For more information, visit www.wilkow.com.