An affiliate of Next Realty, LLC is pleased to announce the acquisition of Hillside Terrace Shopping Center, a 17,000 square foot neighborhood shopping center located at 2728 – 2744 Hillside Drive, Delafield, Wisconsin.
The purchase price for Hillside Terrace Shopping Center, the seventh acquisition for Next Realty Fund IX, LP, a fully diversified investment vehicle, was not disclosed.
The property is 100% leased by a diverse roster of restaurant, retail and service-oriented tenants.
“Given the desirability of the Delafield market and the diverse nature of the tenant mix, the investment presents an opportunity to acquire a stable revenue stream and generate an attractive yield for our investors,” says Branko Kuzmanovic, Director of Acquisitions, Next Realty.
Delafield is an affluent suburb located approximately 25 miles west of Milwaukee. The property is within close proximity to Walmart Supercenter, The Home Depot, Marcus Hillside Cinema and Target. Delafield benefits from high barriers to entry and low retail vacancy of less than 2.5%.
For the past decade, Next Realty has been investing in the Milwaukee market. The company currently owns three other neighborhood shopping centers in Elm Grove, Greenfield and Milwaukee and previously owned a fourth center in Greenfield.
“We like the Milwaukee market and are determined to continue to grow our portfolio there, specifically targeting neighborhood shopping center as well as multi-tenant flex, office and industrial properties,” says Eteri Zaslavsky, Managing Director, Next Realty.