CHICAGO—Next Realty, LLC, through affiliates and on behalf of Next Realty Fund VIII, LP, has just closed on the acquisition of two grocery-anchored shopping centers in Richmond, VA and Barrington, IL, a suburb of Chicago. Company officials say that grocery-anchored shopping centers have become one of the more appealing retail investments, and should get even more appealing in 2015.

“The grocery industry has gone through a significant evolution over the last several years, with the consolidation of certain operators and the expansion of others,” says Eteri Zaslavsky, managing director, Next Realty. “As the capital markets continue to strengthen, investments in centers that have strong grocery anchor tenants have become more attractive.”

Zaslavsky did not disclose the individual purchase prices, but says the combined value of the transactions exceeded $27 million.

In the first acquisition, Next acquired The Shops at Flint Creek, a 59,324 square-foot center located at 500 North Hough St. in Barrington.

The property, developed in 2006, is 100% leased with Heinen's Fine Foods as the anchor tenant. Heinen's occupies about 38,000 square feet. This was the first Illinois store for the 90-year-old, family-owned, Cleveland-based company. Heinen's subsequently has opened three additional stores in suburban Glenview, Bannockburn and Lake Bluff.

The property features a diverse mix of retail, medical, financial and office tenants including Alexian Brothers Medical Group, Scottrade, Athletico of Barrington, Coldwell Banker and Meatheads Restaurant.

“As a relative newcomer, Heinen's is doing an excellent job establishing its position in the Chicago grocery market,” Zaslavsky says. “They are a great operator and provide a significant draw for the community.”

Next also acquired Stony Point Shopping Center, a 72,719 square-foot center located at 3000 Stony Point Rd. in Richmond, VA, through a joint venture with Verris Capital, a Washington DC-based investment firm. Simultaneously, the venture also acquired the adjacent 40,000 square-foot anchor building occupied by Martin's Food Markets. Giant Food Stores, which is owned by international supermarket conglomerate Royal Ahold, operates Martin's.

According to Andy Hochberg, chief executive officer, managing principal, Next Realty, LLC, unifying the two parcels will create greater synergies and improve operations. “Putting together the two acquisitions was a significant accomplishment, and now we can focus on leasing up the remaining vacant space to further enhance the value,” he adds.

Built in 1984, Stony Point is a neighborhood shopping center occupied by a mix of national, regional, and local tenants. The property is currently 85% leased, with the largest in-line tenants being Good Foods Grocery, a local operator featuring specialty offerings and organic products, Einstein Bagels and Southbound Restaurant. In total, the property is occupied by more than 20 tenants.