In the Spring issue of The Next Perspective in Real Estate® three signature moments were highlighted and included the first day in 1998, rounding out the executive team, and being side-by-side with the big guns. Following are three additional events that are considered “signature moments and milestones” in the history of Next Realty.
Launch of Fund VII
- The launch of Next Realty Fund VII in 2008 was a milestone moment because it gave Next a committed source of capital rather than Series investments based on individual capital raises. By the time the Fund had allocated all the capital raised for investing, its four-property diversified portfolio included: Fountain Alley Parking Lot, a 160-space surface lot in San Jose. The asset was sold in 2014.
- Country Club Hills Plaza, a 11,924-square-foot retail center located in a southern suburb of Chicago. The asset was sold in 2013.
- Nagle Plaza, is a 30,000-square-foot retail center on Chicago’s north side. The property was sold in 2022.
- Oak Lawn Promenade, a 32,274-square-foot retail center located in a southern suburb of Chicago. Next Realty Fund VII continues to own this property.
10 years—big round number; 25 years—an even bigger round number
In addition to being big round numbers, the 10 and 25th anniversaries are significant when put into context using statistics from the Bureau of Labor and Statistics. Approximately 65% of businesses fail during the first 10 years. Only 25% of new businesses make it to 15 years or more.