Each property in the Next portfolio has its own story, or even series of stories. Whether it’s the motivation behind an acquisition, the unique circumstances or challenges experienced through the investment, or how the acquisition came together, every property in the portfolio has its unique history.
An affiliate of Next Realty recently completed the disposition of Oak Lawn Promenade, a property that now has two stories to tell, including how it ranks as the firm’s quickest acquisition closing.
Back in 2011 and 2012, Next Realty had been pursuing, with no real time sensitivity, the acquisition of Oak Lawn Promenade, a 32,300-square -foot neighborhood center. Negotiations for the purchase were going back and forth between the seller and the Next team.
Surprisingly, on December 13th the Seller agreed to terms with the stipulation of a year-end closing. In the midst of the holiday season, with many participants scattered across the country, Next forged ahead. On December 31st, while at a salon getting ready for a New Year’s Eve event, Eteri Zaslavsky, Next’s Managing Director, reviewed various closing documents to facilitate finalizing the purchase that afternoon. The acquisition was completed before the clock struck midnight, confirming that the Next team can execute a quick close – and make it to the party on time!
Oak Lawn Promenade now tells another Next Realty story. Its disposition earlier this year marked the final disposition of Next Realty Fund VII assets. With its business plan fulfilled, it was an appropriate time to sell the property and return capital to investors.
