CHICAGO—Brick-and-mortar retailers have been shrinking their footprints due to the competition from e-commerce, and experts believe thousands of outlets will get shut down completely in 2017. But retail investors looking for solid returns can still find opportunities among well-located neighborhood centers. Tenants that provide services have always taken up much of the space in these properties. But many landlords now specifically recruit service providers to act as anchor tenants, making them “e-commerce proof.”

That was the strategy of Next Realty when it bought Lincolnshire Commons in 2014 for $40.3 million. The Northbrook-based investment firm has just put the 133,000 square foot center in suburban Lincolnshire up for sale, and any new owner will benefit from a recent switch. Next replaced the bookseller Barnes & Noble, its anchor tenant, with a NorthShore University HealthSystem outpatient facility.

“We're always asking, 'what is the long-term outlook for our anchor tenants?'” Next Realty president Marc Blum tells GlobeSt.com. And even though “there are many centers where Barnes & Noble is doing well,” the troubles encountered by booksellers that compete with Amazon.com are well-known.