In further executing the Next Realty Multi-Solution™ investment strategy, Next Realty affiliates have made single-story office and multifamily acquisitions in three Midwest markets in the last six months.
86th St. Business Center | Office/Flex | 7320 & 7330 E. 86th St., Indianapolis, IN
An affiliate of Next Realty has acquired the 86th St. Business Center, a two-building office/flex complex in Indianapolis, Indiana. The acquisition underscores Next’s Multi-Solution™ strategy which emphasizes diversification by both product type and geographic location. The 86th St. Business Center is Next’s second single-story office/flex asset. Single-story assets provide a competitive alternative to the traditional class A office buildings, including abundant parking and convenient direct access to all the tenant spaces.
The 86th St. Business Center is a 51,700-square-foot asset that is 100% leased to five different tenants and is strategically positioned along Interstate-69, in the Castleton office submarket. It is in close proximity to a quality workforce in Northeast Indianapolis, Fishers and Carmel.
Indianapolis is an increasingly sought-after location given its highly educated work force, strategic geographical location, and transportation support systems. The extended metropolitan statistical area (MSA) population is over 2 million. Known as the virtual center of the Midwest, Indianapolis has four primary interstates converging at the core of the city: I-65, I-69, I-70, and I-74. Next Realty plans to continue its focus on Indianapolis as a primary target for future acquisitions.
Single-Story Building | Office | 935 Lakeview Parkway, Vernon Hills, IL
An affiliate of Next Realty has purchased 935 Lakeview Parkway, a single-story, multi-tenant office building located in Vernon Hills (Lake County), Illinois. The acquisition adds to the diverse portfolio with its approximately 47,000 square feet of space situated on 4.1 acres. This property also offers a competitive alternative to the traditional multi-story office space, with convenient direct access to all spaces and abundant parking.
Vernon Hills serves as an employment and retail hub for the surrounding communities including Libertyville, Lincolnshire, Buffalo Grove, and Deerfield. There are approximately 7,500 businesses within a 5-mile radius. The property benefits from its location just off Route 60, in close proximity to Hawthorn Mall. The 1.3 million square- foot regional mall is currently undergoing a $250 million renovation, creating a modern mixed-use development of upscale retail, dining and entertainment and luxury apartments. The property’s strategic location provides tenants with dynamic amenities in a strong market.
Marquette Portfolio | Residential | Milwaukee, WI
An affiliate of Next Realty, along with a joint venture operating partner, has acquired 232 units in a portfolio of apartment buildings in Milwaukee, Wisconsin near Marquette University. The portfolio is located along Wisconsin Avenue, and Wells and Michigan Streets, within several blocks of Marquette University’s campus. The university is home to nearly 12,000 students. In addition to its proximity to the campus, Wisconsin Avenue is a major arterial road connecting downtown Milwaukee to the western suburbs.
Affiliates of Next Realty currently own four retail properties in the Milwaukee market. Milwaukee has a total of approximately 1.6 million residents within its metropolitan area. The city boasts a thriving business environment and is home to major employers including Aurora Health Care, Roundy’s Supermarket, Kohl’s Corporation, GE Healthcare, Northwestern Mutual, Fiserv and Harley Davidson. Milwaukee’s diverse and highly skilled labor force has enabled the city to achieve sustainable growth over many years.