ALTO Private Investments Sells Upper West Retail Condo for $50 M.
By Al Barbarino December 10, 2013 10:44 am
reprintsReal estate fund manager ALTO Private Investments has announced the sale of a retail condominium at 200 West End Avenue on the Upper West Side for $50 million.
The retail property, totaling 25,000 square feet across four retail units, is located on the ground floor of the luxury condominium known as 200 West End Avenue.
ALTO purchased the retail portion of the property with Klein American Group in 2011 for $31 million, subsequently signing three tenants to 15-year leases (CVS was in place under an existing long-term lease) and according to the firm increasing revenues by 40 percent.
“Two years after the acquisition and with the improvements we instituted, we sold the property at a gross return of almost three times our original equity investment,” said Mody Kidon, ALTO chairman and co-founder, in a statement. “This is our fifth exit in the last two years with an average 30% IRR.”
A previous announcement regarding the sale did not disclose the selling price.
ALTO Private Investments focuses on the acquisition of value-added commercial properties in major U.S. cities, having invested in 14 commercial properties totaling 1.8 million square feet and valued at $285 million. It is currently raising its second fund – ALTO Real Estate Investment Fund 2 – targeting $100 million of equity and $500 million of commercial real estate investments.
