In the past 4 months, Next Realty has completed two new acquisitions which marked the close of Fund IX.
In July, an affiliate of Next Realty, LLC acquired the Kings Automall Shopping Center, a 67,000-square-foot, multi-tenant neighborhood center located at 9950-9998 Kings Automall Drive in Cincinnati, Ohio. It is the first acquisition for the firm in Cincinnati.
One of the primary attributes of the Kings Automall Shopping Center is its irreplaceable location in a key Cincinnati submarket and major retail corridor that is adjacent to the Kings Automall.
The center, located approximately 17 miles northeast of downtown Cincinnati, includes a diverse mix of national, regional, and local tenants. Some tenants have occupied space for more than 20 years. The Center features:
- Planet Fitness
- Mirage Restaurant
- Play it Again Sports
- LensCrafters
- Kings Ford
- Your CBD Store
In September, an affiliate of Next Realty, LLC acquired Westridge Office Park, an office/medical complex, consisting of two single-story buildings at 6791 and 6845 E US Highway 36 in Avon (Indianapolis MSA), Indiana. It was the second acquisition made by the firm in the Indianapolis MSA in 10 months and was the 12th and final acquisition for Fund IX.
Westridge Office Park is a 39,000-square-foot asset that primarily caters to medical related space users as well as traditional office tenants. Tenants of Westridge Office Park include:
- Indiana University Health Care Associates, Inc.
- Indiana Department of Child Services
- Kindred Hospice
- Midwest Behavioral Health, LLC
- Allergy Partners
- Vincent Medical Group, Inc.
Single story office properties are one of the asset types Next believes will perform well, offering tenants a competitive alternative to the traditional multi-story office space with convenient direct access to all tenant spaces and abundant parking.
Westridge is approximately 15-miles west of downtown and 10-miles from the Indianapolis International Airport. Benefiting from traffic counts of over 31,000 vehicles per day, the property offers both tenants and guests clear visibility and signage along with traffic-light access.
Next’s Fund IX portfolio continues the firm’s Multi-Solution™ investment and management strategy that has allowed it to expand into new markets while also broadening the range of property types. Ultimately, Multi-Solution ™ strategy is expected to optimize returns for investors.
