On behalf of Next Realty Fund VIII, Next Realty LLC and its joint venture partner have completed the acquisition of Lincolnshire Commons, a Class A destination shopping center that was originally developed in 2007 by General Growth Properties (GGP). Terms of the transaction were not disclosed.
Lincolnshire Commons is located at the northwest quadrant of Milwaukee Avenue and Aptakisic Road in Lincolnshire, Ill., approximately 30 miles from downtown Chicago. The center totals almost 130,000 square feet of space and at acquisition was 90% percent leased.
“The acquisition of Lincolnshire Commons presented us with a unique opportunity to purchase a well performing asset that holds a dominant position in the market,” said Andrew S. Hochberg, Managing Principal and CEO of Next Realty. Marc Blum, President and COO of Next Realty added, “With some further leasing and efficient management, we intend to implement a value-added strategy that is in keeping with our historic experiences and successes.”
The modern center features a mix of upscale restaurants, fast casual dining, fashion shops and convenience-oriented retail. The largest tenants in the center are Barnes & Noble, DSW Shoe Warehouse, Cheesecake Factory, Fleming’s Prime Steakhouse, Kona Sushi, and Talbots. Next Realty is in discussions with several additional tenants, who are complementary to the existing tenant mix, for the remaining vacancy.