CHICAGO- Next Realty, LLC just announced that they have completed raising investment capital for their $30 million Next Realty Fund VIII and will begin using it to acquire value-add properties in the Chicago metropolitan area or other large metro areas around the country. The commercial real estate firm also recently completed the acquisition of Oak Lawn Promenade, a shopping center in Oak Lawn, the final acquisition financed by their Next Realty Fund VII.
Their latest funding effort was led by Vice President Eteri Zaslavsky, President and Chief Operating Officer Marc Blum and Chief Executive Officer Andy Hochberg.
The firm says they will continue to use the criteria that guided the Next Realty Fund VII and acquire multi-tenant shopping centers, urban in-fill retail, downtown parking and vacant or substantially vacant retail properties with potential. For example, the Oak Lawn Promenade, which sits just northeast of the Chicago Ridge Mall at the corner of Ridgeland Ave. and 95th St., had an occupancy rate of 75% when Next Realty acquired it, but also had leases in place to bring occupancy up to 84%.
“We are seeking investments that meet our criteria with capital ready to be deployed,” says Hochberg. “This gives us a competitive advantage in a market that is redefining itself and we are excited to see the opportunities unfold over the next few years.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
