CHICAGO—Next Realty LLC and a joint venturepartner have completed the acquisition of Lincolnshire Commons, aclass A shopping center in north suburban Lincolnshire originallydeveloped in 2007 by General Growth Properties.The acquisition was on behalf of Next Realty InvestmentFund VIII. The purchase price was not disclosed. Andalthough the 130,000-square-foot center is relatively new andalready has an occupancy rate of 90%, Next Realty officials that they can still add value to the Lake Countyproperty.

“It has a raw space that has never been occupied,” saysMarc Blum, president and chief operating officer.The roughly 4,000-square-foot space is “a cold, dark shell.” It mayhave originally been vacant due to the recession, which hit justafter the center was finished, "but the recession has been over foryears."

Next has about 20 properties in the Chicagoland area, saysEteri Zaslavsky, director of acquisitions. Itsportfolio has an overall occupancy rate of about 97% or 98%, andshe is confident that this property has at least that potential.“You make your money on that last 10%.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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.