The Next Perspective in Real Estate ®

Property Watch

During the quarter, the leasing and management teams at Next Realty reached a number of important milestones at properties in the portfolio:

Lincolnshire Commons: Fat Rosie’s to Replace Kona Grill

Fat Rosie’s, a Mexican themed restaurant, has leased an approximately 6,000 square foot restaurant space at Lincolnshire Commons. The space that was previously leased to Kona Grill will be the fourth location in the Chicago area for Fat Rosie’s.

Fat Rosie’s was started by successful restaurateur, Scott Harris, who also owns Francesca’s, which has numerous locations throughout Chicago.

Every landlord understands the challenge of losing a tenant. However, Next Realty was able to leverage the location in the dynamic Lincolnshire market, the great demographics of Lincolnshire Commons, and the availability of second-generation restaurant space to attract significant interest in the space.

Next Realty expects Fat Rosie’s to open early next year.

Lincolnshire Commons is a 133,000 square foot, Class A retail complex anchored by a NorthShore University Health System clinic and The Cheesecake Factory, as well as other high-end restaurants.

Bronzeville: Dock’s Fish is Newest Tenant

Dock’s Fish has opened another Chicago location with a 2,000 square foot lease at Gappie Plaza, located at 321 E. 35th Street in Chicago’s Bronzeville neighborhood.

The center occupies a prime retail location at the dynamic intersection of Martin Luther King Jr. Drive and 35th Street (which continues from Guaranteed Rate Field to the new pedestrian bridge, connecting Bronzeville to the lakefront). The center is across from Lake Meadows, the 100-acre redevelopment with new Jewel Osco & L.A. Fitness.

Noble Square: Final Residential Lease is Signed

Through its Next Equity Program®, an affiliate of Next Realty, LLC and an operating partner acquired the four-story property located in Chicago’s fast-growing and increasingly popular Noble Square/East Village neighborhood. Following an extensive redevelopment and repositioning effort, the Noble Square property continues to build momentum and achieve a high level of success. Recently, the last of the 15 newly created apartments has been leased and occupied at the vintage mixed-use, multifamily property at 1523 W. Chicago Avenue. Next Realty has also executed a lease with a renowned chef for a new restaurant in the 3,600 square foot street level space.