CHICAGO—Next Realty LLC and a joint venture partner have completed the acquisition of Lincolnshire Commons, a class A shopping center in north suburban Lincolnshire originally developed in 2007 by General Growth Properties. The acquisition was on behalf of Next Realty Investment Fund VIII. The purchase price was not disclosed. And although the 130,000-square-foot center is relatively new and already has an occupancy rate of 90%, Next Realty officials tell that they can still add value to the Lake County property.

“It has a raw space that has never been occupied,” says Marc Blum, president and chief operating officer. The roughly 4,000-square-foot space is “a cold, dark shell.” It may have originally been vacant due to the recession, which hit just after the center was finished, “but the recession has been over for years.”

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