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 95^th St., had an occupancy rate of 75% when Next Realty acquired it, but also had leases in place to bring occupancy up to 84%.