Next Realty recently purchased South Hill Plaza, a 41,553-sf retail center in Rochester Hills. "Detroit is a top 10 market and Oakland County is among the wealthiest counties in the country, so there are opportunities there," says Worth, a Bloomfield native who attended the University of Michigan before moving to Chicago.
Next Realty is working with NAI Farbman to handle the leasing and management of the South Hill Plaza. Worth says Next Realty has worked deals in Chicago with firms that also operate in Detroit. While Next Realty will continue to work with others on deals in Detroit, Worth says his firm is not taking on a "Detroit partner."
How about a satellite office, like the Chicago firm has in Washington, DC? "Nothing would make us happier to need one," Worth says.
While Next Realty has done some development work in Chicago, Worth says in Detroit the company will probably stick to renovation and stabilization work, rather than ground-up development. "I think you need to be on the ground locally to do that kind of work," he says.
While Worth says Next Realty is looking for more shopping center properties, "we're not going to chase anything just to add properties. We're looking for fairly valued properties." In addition to Detroit, Next Realty is also looking at making some acquisitions in the Milwaukee market, which would also be new ground for the company, Worth says.
Next Realty's principals own and manage a portfolio of properties valued in excess of $150 million, and have developed more than 23 million sf of land and repositioned more than $200 million in real estate assets.
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