This September, with the acquisition of Westridge Office Park, Next Realty Fund IX, LP became fully invested. The office/medical complex near Indianapolis was the 12th acquisition for the Fund.
One of the most notable aspects of the Fund is how it advances the firm’s Multi-Solution™ strategy that emphasizes diversification across geography, asset classes, and revenue streams.
Key highlights of Fund IX, LP investments include:
- A portfolio which includes a mix of retail, office, multifamily, industrial and parking properties
- Properties that total 85,000 square feet of retail space, 200,000 square feet of office space, 51,000 square feet of industrial space, 274 apartment units and 498 parking spaces.
- Properties that are located in 7 states/metro areas. The Fund marked Next Realty’s entrance into new markets, including Indianapolis, Cincinnati, and Denver.
“Our Fund IX portfolio completely embraces our Multi-Solution™ strategy that has allowed us to expand into new markets while also broadening the range of property types we’re investing in to optimize returns for our investors,” says Andy Hochberg, Next’s CEO and Managing Principal.
The Fund IX portfolio includes:
- Fiserv Building (Nashville, TN)—a 51,000-square-foot industrial building occupied by a subsidiary of Fiserv, Inc.
- 1523 West Chicago Avenue (Chicago, IL)—a mixed-use building consisting of 15 residential units as well as ground-floor and lower level commercial space.
- 838-846 West Altgeld Street (Chicago, IL)—a 12-unit, two-building, three-story brick walk-up located in Chicago’s Lincoln Park neighborhood.
- Arlington Executive Plaza (Arlington Heights, IL)—a general office and medical complex consisting of six single-story, multi-tenant buildings totaling 62,500 square feet.
- Town Square Garage (St. Paul, MN)—a two-level subterranean garage with 498 parking spaces in downtown St. Paul.
- The Charmel Apartments (Denver, CO)—a 15 unit multi-family asset in the West Washington Park neighborhood of Denver, 2.5 miles southeast of downtown.
- Hillside Terrace Shopping Center (Delafield, WI)—a 17,000-square-foot neighborhood center featuring a diverse mix of regional and local tenants.
- 86th Street Business Center (Indianapolis, IN)—a two-property, single-story, multi-tenant, flex office complex totaling 52,000 square feet in the Castleton submarket of Indianapolis.
- Marquette Multifamily Portfolio (Milwaukee, WI)—a 12-building, 232-unit portfolio located within blocks of Marquette University’s campus.
- 935 Lakeview Parkway (Vernon Hills, IL)—a 47,000-square-foot, single-story, multi-tenant office building located adjacent to Hawthorn Mall in Vernon Hills.
- Kings Automall Shopping Center (Cincinnati, OH)—a 67,000-square-foot shopping center featuring a diverse mix of national and local tenants.
- Westridge Office Park (Avon, IN)–a 39,000-square-foot office/medical complex, which is home to medical offices from two of the largest Indiana hospital systems, among other medical and non-medical tenants.