Alto Investments buys Seattle property stake

The facility is leased to Walgreens for 75 years.

Alto Investments Ltd., owned by chairman Moody Kidon, has bought 40% of a commercial building near Seattle at a value of NIS 30 million. The 1,350-square meter building in Lake Stevens is leased to supermarket chain Walgreens for 75 years, with the first exit option after 25 years.

The deal gives a gross return on investment of 7.6%. Alto Investments took a five-year, 4.61% fixed-interest non-recourse loan from Bank of America Inc. (NYSE> BAC) for 65% of the purchase price.

Two months ago, Alto Investments bought a commercial building in Indianapolis at a value of NIS 35 million.

Published by Globes [online], Israel business news - - on October 24, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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