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 3,000 square feet; Penny’s Bistro, a new café concept featuring video gaming that has leased 1,603 square feet; and Loya Insurance, a low cost insurance provider that has leased 960 square feet. Next Realty acquired Oak Lawn Promenade in December, 2012 and has been engaged in a repositioning effort at the center. In addition to the firm’s work to rebuild the tenant roster, an extensive modernization program has been implemented. This program included the construction of a new façade, which was recently completed. Oak Lawn Promenade is anchored by Payless Shoes and Play N Trade. The center located across the street from regional Chicago Ridge Mall, in a densely populated area, just off the 95th Street I-294 exit. In other transaction activity, Next Realty completed a 1,800-square-foot lease with The Chicago Center for Myofascial Pain at Nagle Plaza, located at the intersection of Devon and Nagle, in Chicago. Nagle Plaza is an approximately 30,000-square-foot retail center that is anchored by Walgreens. An affiliate of Next acquired the center in 2011.
Next also completed a lease with Domino’s Pizza for 2,000 square feet at Gappie Shopping Center in Chicago. The 20,880-square-foot center, located at the intersection of 35th Street and Martin Luther King Jr. Drive, is anchored by Chase and T-Mobile. An affiliate of Next Realty has owned the center since 2002.