Industry News

Ex-Sports Authority Spaces Going Fast

June 15, 2017 Ex-Sports Authority Spaces are Going Fast By Brian J. Rogal Great locations still have appeal, and retail landlords are going after tenants that can resist e-commerce. CHICAGO—The demise of The Sports Authority left some big holes in Chicagoland’s retail market, but landlords have already filled much of that space. Next Realty, LLC just completed several leases for its community retail center at 7233 West Dempster St. in Niles totaling more than 46,000 square feet, including more than half of the space previously leased by Sports Authority. “In the retail world, the internet is hurting many tenants,” Marc[...]

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Neighborhood Centers Provide Protection From The Internet

May 23, 2017 Neighborhood Centers Provide Protection From The Internet By Brian J. Rogal CHICAGO—E-commerce may have hit many retailers hard, but smaller, service-oriented centers continue drawing in tenants and investors. CHICAGO, LAS VEGAS—ICSC’s RECon event began yesterday in Las Vegas, and even though the challenge presented by internet sales is on the minds of many, there is also a lot of confidence. “I think the mood here is upbeat,” Marc Blum, president of Skokie, IL-based Next Realty, LLC, tells GlobeSt.com. “It’s very similar to last year. People are not talking doom and gloom at all.” One of the methods that[...]

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Next Realty’s 620 N. LaSalle Featured in Crain’s Chicago Business

March 08, 2017 Former Sports Authority building targeted for River North offices ​ By Steven R. Strahler   The former Sports Authority site in River North could be redeveloped as a 17-story office project—unless the vacant eight-story building is rehabbed sooner for a less-patient tenant. The vintage 80,000-square-foot building at LaSalle and Ontario streets, which Skokie-based Next Realty has owned since 2002, has been empty since Sports Authority liquidated last summer. It was once the anchor location of the Morrie Mages Sports chain. "We are continuing to go down the path of adaptive reuse," said Marc Blum, Next Realty's president[...]

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Next Realty hires HFF to sell Lincolnshire Commons

March 07, 2017 Want to buy an "e-commerce proof" mall?​ By Alby Gallun The owner of a big Lincolnshire shopping center has decided to put the property up for sale, betting its mix of "e-commerce proof" tenants will attract high bids from investors. Next Realty has hired the Chicago office of HFF to sell Lincolnshire Commons, a 133,000-square-foot shopping center at the northwest corner of Milwaukee Avenue and Aptakisic Road. A fund managed by the Northbrook-based investment firm bought the property for $40.3 million in 2014. The shopping center has undergone one big change since then: Next Realty terminated a lease[...]

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Next Realty Announces Adaptive Re-Use/Corporate BTS Plan for 620 N. LaSalle

Next Realty Announces Adaptive Re-Use/Corporate BTS Plan for 620 N. LaSalle Retains CBRE to market highly visible opportunity in Chicago’s River North submarket SKOKIE, IL (March 3, 2017)—Skokie-based Next Realty, LLC has announced plans to repurpose the eight-story former Sports Authority retail location at 620 North LaSalle Street in Chicago. The real estate investment and management firm has retained CBRE to market the existing but now vacant loft-style property to corporate office space users and destination retailers. Next Realty outlined two paths for the repurposing of 620 North LaSalle Street. The first scenario, for a tenant with a more immediate[...]

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The Retail Push

The Retail Push   The constant evolution taking place in the retail marketplace in Chicago and across the country portends to a strong finish to 2016 and beginning of 2017 as retailers look to establish their positions and/or redefine their brand with desirable locations and newly designed prototypes. This premise was reinforced recently when retailers, shopping center owners, developers, and those who represent them descended upon Chicago for the Fall Dealmaking Convention. Following traditional patterns, a number of retail categories are leading the charge of planned expansions and store openings.  Most notable among those pushing growth plans include off-price and[...]

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Next Realty Mid-Atlantic Retained by Harris Teeter in the Washington Metro Area

August 15, 2016, Washington, DC. Next Realty Mid-Atlantic has been retained as the exclusive broker for Harris Teeter in the Washington Metro Area. Next Realty Mid-Atlantic, headquartered in Arlington, Virginia, will handle Harris Teeter’s real estate expansion in Northern Virginia, Washington DC and Maryland. Retail industry veteran George Galloway, Managing Principal, Next Realty Mid-Atlantic will be the lead contact for the account, supported by team members Andrew Rose, Andrew Tkach, Mellisa Peterson and Kelsey Beerman. “Our goal is to help Harris Teeter find the best opportunities for high volume stores in the Washington – Baltimore region”, said George Galloway, Managing[...]

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Next Equity Program Featured on Globest.com

Next Realty’s Next Equity Program was featured in a Globest.com article with insight from Andy Hochberg, Chief Executive Officer and Eteri Zaslavsky, Managing Director It’s getting more challenging to find attractive retail deals in the US, and some firms are adopting new strategies. Next Realty, LLC, for example, a Northbrook, IL-based firm, has decided to expand its Next Equity Program, an effort to acquire real estate by providing equity to local partners in select markets throughout the US.

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Next Realty’s Andy Hochberg in “Who’s Who in Commercial Real Estate”

Next Realty's President and CEO, Andy Hochberg, highlighted in Daily Herald Business Ledger's "Who's Who in Commercial Real Estate" Andrew Hochberg has more than 20 years of diverse real estate industry experience in the areas of site selection, acquisitions and operations or retail property, land and parking facilities. Under Hochberg’s leadership as managing principal and managing broker of Northbrook-based Next Realty, the team has successfully completed more than 50 property acquisitions nationally valued at more than $500 million. Hochberg is responsible for designing Next Realty’s strategic direction and executing its investment strategy #    #    #

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Playing in Your Own Backyard

Playing in Your Own Backyard For Next Realty’s Director of Acquisitions Alex Katz, the ICSC Chicago Dealmaking Conference is all about letting people know what the firm is looking to acquire. “It’s the end of summer, and some people are looking to get deals closed by the end of the year, others are building momentum for next year,” Katz says. “We have to let everyone know that we’re looking to buy, the kinds of properties we’re looking for, and that we have the ability and the capital to close quickly.” Next Realty’s acquisition team often focuses on value-add properties, but[...]

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Next Realty Completes Suburban Leases Totaling Nearly 63,000 SF

Next Realty Completes Suburban Leases Totaling Nearly 63,000 Square Feet; Activity Underscores Strengthening Retail Marketplace NORTHBROOK, IL (May 4, 2015)—Next Realty LLC has completed lease transactions—new leases and extensions—totaling 62,779 square feet of space at retail centers it owns and manages in Lombard, Schaumburg, Lincolnshire and Oak Lawn. ·         In largest of the transactions, The Sports Authority has completed a lease extension of the 42,206-square-foot space it occupies at Sports Authority Plaza, 1015 E. Golf Rd. in Schaumburg. An affiliate of Next Realty has owned the center, located next to Woodfield Commons and just west of Woodfield Shopping Center, since 1978. In addition to[...]

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Profile of Andy Hochberg on rejournals.com

A profile of Andy Hochberg, Next Realty's President and Chief Executive Officer, was featured on Real Estate Journals' rejournals.com.  Andrew Hochberg began his career as a site selector for his family-owned sporting goods chain, Sportmart. Hochberg still remembers sitting in the back of the family station wagon touring potential locations with his father… With more than 20 years of diverse real estate industry experience, Hochberg remains in the industry because he loves deals and retail real estate. #    #    #

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Retail Checkups: A Barometer of Fitness

Andy Hochberg, Next Realty's President and Chief Executive Officer, authored a feature article in Scotsman Guide's February 2015 Issue.  In this article, Retail Checkups: A Barometer of Fitness, Mr. Hochberg discusses the importance of using health ratios to help reduce risk in investment strategies by determining the likely future performance of retail properties. #    #    #

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Next Realty Fund Buys Lincolnshire Commons

Next Realty Fund Buys Lincolnshire Commons in North Suburban Lincolnshire, Ill.; Modern, 130,000 SF Center Originally Developed by General Growth Properties  Northbrook, Ill.  (September 29, 2014)—On behalf of Next Realty Fund VIII, Next Realty LLC and its joint venture partner have completed the acquisition of Lincolnshire Commons, a Class A destination shopping center that was originally developed in 2007 by General Growth Properties (GGP). Terms of the transaction were not disclosed. Lincolnshire Commons is located at the northwest quadrant of Milwaukee Avenue and Aptakisic Road in Lincolnshire, Ill., approximately 30 miles from downtown Chicago. The center totals almost 130,000 square[...]

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GNC Leases Space at Parrot Plaza in Melrose Park

GNC Leases Space at Parrot Plaza in Melrose Park; Next Realty’s Retail Center Remains 100% Leased Northbrook, Ill. (June 5, 2014)—GNC has signed a lease at Parrot Plaza, a retail center owned by an affiliate of Next Realty and located at 1401 W. North Ave. in Melrose Park. Ill. The neighborhood strip center remains 100 percent leased. GNC has leased 1,200 square feet of space, the in-line space previously occupied by Play ‘N Trade, and will take occupancy after tenant buildout is completed. An opening is expected this summer. An affiliate of Next Realty has owned Parrot Plaza, which is located[...]

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Next Parking Buys Surface Parking Lot in Honolulu, Hawaii

Next Parking Buys Surface Parking Lot in Honolulu, Hawaii; Property is Well-Located, Rare CBD Opportunity Northbrook, Ill. (June 5, 2014)—An affiliate of Next Parking LLC and subsidiary of Next Realty LLC, has acquired the Alakea Parking Lot, a surface parking property in Honolulu, Hawaii. Terms of the transaction were not disclosed. The parking lot is located at 1192 Alakea Street, the northwest corner of Alakea and Beretania Streets in Honolulu’s Central Business District.  The property consists of a 12,872 square foot site with an existing 36-car surface lot. Of those spaces, 23 are available as public parking. “This acquisition represented a[...]

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Live from ICSC RECon: Next Realty May 2014 Blog Posts

  Blogging live from ICSC: Footloose Posted on May 20, 2014 by rejblog Footloose Rebekah Carlson, Next Realty, LLC Taking a break after starting the day with a meeting with my favorite Cushman affiliates and then a meeting with the Village of Montgomery, Ill., to hear about what’s going on there. Eteri and I came up with a few ICSC-inspired reasons why the skills needed to make it in retail real estate correlate with the characteristics of a successful dance campaign in Elmore City, Ala.  (Footloose is celebrating its 30th anniversary this year, by the way). Here’s what we’ve learned about what it[...]

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Next Realty LLC and Outlook Development JV Acquires Evergreen Square Shopping Center in Peoria

Next Realty LLC and Outlook Development Create JV to Acquire Retail Center; Evergreen Square Shopping Center in Peoria Represents Core-Asset Acquisition Northbrook, Ill. (March 1, 2014)—An affiliate of Next Realty LLC has acquired Evergreen Square Shopping Center, a multi-tenant community retail property in Peoria, Ill. Next Realty acquired the property in a joint venture with Outlook Development on behalf of Next Realty Fund VIII. The terms of the transaction were not disclosed. Financing for the acquisition was secured by Dan Rosenberg at Cohen Financial through First Midwest Bank. The acquisition of Evergreen Square Shopping Center, currently 96 percent leased and[...]

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Pulse of the Market: From the Heels of Next Realty

Pulse of the Market : From the Heels of Next Realty Historically, the US has had a real estate cycle of approximately 18 years.  But 2013 doesn't seem very different from 2006, which was only 7 years ago.  Many acquisitions in 2010 and 2011 are proving out to be grand slams.  In hindsight, you almost could not have gone wrong buying everything in those years.  Now, prices are back to all time highs.  Buying anything in 2013 requires real skill and foresight. The retail asset class has gone through a tough patch and although the shakeout is likely not over,[...]

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The State of the Suburban Retail Market

We used to say “location, location, location” to identify a property’s value as an investment.  A couple of years ago, in the midst of recession, I coined the phrase “Location, Liquidity and Luck” as the new 3 L’s of real estate. Using this concept to benchmark current progress in the industry, we can identify strides we are making here in the Chicago metropolitan area and otherwise. LOCATION STILL RULES The many facets of location – including geography, valuation, and absorption – continue to determine the success of a retail property.  Centers that are well-located with long-term leases in place are[...]

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Next Leases Space at Three Area Shopping Centers

Next Realty Leases Space at Three Area Shopping Centers; Activity Totals Approx. 10,000 Square Feet Northbrook, Ill. (January 29, 2014)—Next Realty, LLC has announced the completion of lease transactions totaling more than 10,000 square feet at three of its shopping centers in the Chicago metropolitan area. The transactions were announced by Marc Blum, president of Next Realty, LLC. More than 4,500 square feet of new lease transactions have been completed at Oak Lawn Promenade in Southwest suburban Oak Lawn, IL. Joining the roster of tenants at the 32,600-square-foot strip center are Vitamin Shoppe, the national vitamin retailer that has leased[...]

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Pay Now or Pay Later: Maintenance Standards Save Money & Build Value

The payoff line to an old commercial for an automotive service center went something like, “You can pay me now, or you can pay me later.” In pushing a specific type of oil, it played off the concept that failure to complete a routine oil change with quality products now could result in more significant and costly repairs down the road. The concept works with just about anything requiring ongoing and routine repairs and maintenance (R&M), including parking garages. The annual R&M budget for a typical garage is not insignificant. For example, a typical 10-year-old, multistory garage with 500 spaces[...]

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