SOUTH BEND, IN—Next Realty has just completedthe acquisition of a Best Buy net leased retailproperty in Mishawaka, a suburb of South Bend. The acquisition wason behalf of Next Realty Investment Fund VII. Thepurchase price was not disclosed.
The 50,000-square-feet property sits at 6502 Grape Rd. along thetown's main retail corridor, about 2.5 miles from theUniversity of Notre Dame. Furthermore,University Park Mall, owned by SimonProperties and one of the region's major retail centers,sits directly across the street and draws visitors from a 65-mileradius. Overall retail vacancy within the Mishawaka submarket isonly 4.4% with no large retail vacancies, according to Nextofficials.
“This acquisition is a great opportunity to acquire awell-performing retail asset that essentially is located at “Mainand Main” in Mishawaka's primary retail district,” saysEteri Zaslavsky, director of acquisitions for NextRealty.
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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.
