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Midland Atlantic, Next Realty JV Acquires Cincinnati Retail Center
A joint venture between affiliates of Midland Atlantic Properties and Next Realty has completed the acquisition of Waterstone Center, a 160,000-square-foot shopping center located in Cincinnati, Ohio.
The acquisition financing was arranged by BWE and financed by Goldman Sachs. The property is fully leased, and tenants include Best Buy, Michaels, Old Navy and Verizon. Target and Costco are the center’s shadow anchors and help generate traffic. Waterstone Center is the latest acquisition for Midland Atlantic Properties’ third investment fund and the fourth acquisition for Next Realty Fund X.
“Despite the capital markets headwinds, we were able to combine forces and successfully complete the acquisition,” said Eteri Zaslavsky, Managing Director at Next Realty. ”Waterstone Center is well-positioned in a very strong retail corridor, and we are excited to own and operate this property alongside an experienced and like-minded partner in Next Realty,” said Chris Palermo, Director of Acquisitions with Midland Atlantic.
