RREEF Property Trust, Inc. announced today its acquisition of Wallingford Plaza, a mixed-use retail and office property in North Seattle, for approximately $12,750,000, exclusive of closing costs.
Wallingford Plaza is a 30,761 square foot, three-story building located between two major arterials, l-5 and Highway 99, which offer convenient access to downtown Seattle, Puget Sound, the University of Washington, Fremont and South Lake Union.
“We are pleased to announce the acquisition of this property, which is consistent with our focus on investing in assets that we expect to deliver predictable rental income and appreciation over time,“ said Todd Henderson, Chairman of the Board of RREEF Property Trust and Head of Real Estate, Americas at Deutsche Asset & Wealth Management.
RREEF Property TrustRREEF Property Trust is a publicly registered, non-traded, daily NAV company that intends to qualify as a real estate investment trust. RREEF Property Trust employs a blended strategy that includes commercial real estate, publicly-traded real estate securities, real estate-related debt and cash and cash equivalents. RREEF Property Trust targets investments in income-producing properties with established cash flow and the potential for value appreciation. RREEF Property Trust focuses primarily on U.S. commercial real estate assets selected from the industrial, retail, office and multifamily sectors. RREEF Property Trust maintains a website at www.rreefpropertytrust.com. RREEF America L.L.C. is the sponsor and advisor of RREEF Property Trust. RREEF America L.L.C., together with its affiliates in Europe and Asia comprise the global real estate investment business of Deutsche Asset & Wealth Management (formerly RREEF Real Estate), a division of Deutsche Bank A.G., or Deutsche Bank. I-033588-1.5