Over the course of 25 years, Next Realty has acquired a diverse mix of properties. The following describes our first acquisition in the various sectors:
First Retail Property: San Marcos Plaza, Chicago, IL (Logan Square)
Next Realty’s first shopping center acquisition in 1999 was the San Marcos Plaza retail center in the thriving Logan Square area of Chicago. The 18,000-square-foot center continues to be owned by an affiliate of Next Realty and is leased to tenants that include Wendy’s (which operates a drive-through), Orange Theory, Dunkin’ Donuts & Baskin-Robbins, Cosmo Prof and Bubbleland.
First Parking Facility: 200 W. Randolph St., Chicago, IL
The 400+ space parking garage at 200 W. Randolph (Randolph & Wells) in Chicago’s CBD marked Next’s entry into the parking business. It also is one of Next’s most storied and high-profile properties because of its use in the Batman movie “The Dark Night” (READ MORE). Next sold 200 W. Randolph in 2013, but the property remains a great Next Realty investment and Chicago movie trivia story.
First Office Building: Arlington Executive Plaza, Arlington Heights, IL
In early 2019, a Next Realty affiliate acquired Arlington Executive Plaza, an office complex consisting of six, single-story buildings located in Arlington Heights, IL. The acquisition was made on behalf of Next Realty Fund IX, LP and represented the first office building acquired by Next. Arlington Executive Plaza, which continues to be owned and managed by Next, totals approximately 62,500 square feet of space and is occupied by general and medical specialty tenants.
First Multifamily Asset: Noble Square (1523 Chicago Avenue), Chicago, IL
Next Realty entered the multifamily sector in 2017 when an affiliate acquired the vintage mixed-use property known as Noble Square, at 1523 Chicago Avenue in the East Village neighborhood of Chicago. The four-story building includes 15 one- and two-bedroom apartments, 3,600 square feet of ground floor retail/restaurant and 3,200 square feet of lower-level retail space. Upon acquisition of the property, a comprehensive renovation and repositioning initiative was undertaken.
