Next Realty Exits Value-Add Investment in Chicago
An affiliate of Next Realty, LLC has completed the sale of Nagle Plaza, a 30,000-square-foot, mixed-use property anchored by Walgreens and shadow-anchored by Shop & Save Market. Located at 6304-6310 Nagle Ave. In Chicago, the property was sold to a private investor.
Acquired through Next Realty Fund VII, the property represented a value-add strategy, with Next initially acquiring the defaulted first mortgage note from a CMBS special servicer. A year ago, Next finalized a long-term lease with Walgreens, refinanced the CMBS loan and completed lease-up of the property.
“After completing this most recent sequence of events, beginning with the Walgreens lease extension, we determined it was an optimal time to sell the property and maximize the returns to Fund VII investors,” said Eteri Zaslavsky, Managing Director, Next Realty.
Sean Sharko and Austin Weisenbeck, both SVPs with Marcus & Millichap, represented Next Realty in the sale of Nagle Plaza.