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Chicago Firm Eyes More Buys in Detroit

DETROIT-Chicago-based Next Realty tells GlobeSt.com it is actively scouting for fairly valued properties to purchase in the metro region after acquiring South Hill Plaza, a 41,553-sf retail center in Rochester Hills.

By Dan Heaton | Updated on April 30, 2004

DETROIT-A metro area native who serves as director of acquisitions for a Chicago commercial real estate investor says his firm is actively scouting the metro area for retail centers. Chicago-based Next Realty LLC recently made its first purchase in the Motor City area and David Worth says the firm is open to additional deals.

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.”

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