In a series of activities for its real estate investment funds, Next Realty LLC has completed the raising of $30 million in investment capital for Next Realty Fund VIII, and recently completed the final acquisition in Next Realty Fund VII, Oak Lawn Promenade in Oak Lawn.
Led by Vice President Eteri Zaslavsky, President and COO Marc Blum and CEO Andy Hochberg, the company closed on its fund in early 2013. Fund VIII is dedicated to the acquisition of value-add opportunities primarily in the Chicago metropolitan area or in other large MSAs throughout the country. The company’s continuation of their established, successful investment strategy attracted the interest of a number of private investors. The firm will continue to acquire property, notes and bank OREO in the retail and parking property sectors. These properties, typically ranging in value from $1 million to $20 million dollars include multi-tenant shopping centers, urban in-fill retail properties, CBD parking properties, and vacant or substantially vacant retail with significant upside potential.
“We are seeking investments that meet our criteria with capital ready to be deployed,” said Andy Hochberg, CEO and managing principal, Next Realty. “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.”
Next Realty’s current portfolio consists of 33 properties valued in excess of $250 million.
Most recently, on behalf of Next Realty Fund VII which had similar investment criteria, Next acquired Oak Lawn Promenade just northeast of the Chicago Ridge Mall at the corner of Ridgeland Avenue and 95th Street in Oak Lawn. At the time of acquisition the property was 75 percent occupied with leases in place to take the center to 84 percent occupancy.