A retail center in Cincinnati, Ohio has been acquired by a joint venture between affiliates of Midland Atlantic Properties and Next Realty. The 160,000-square-foot property known as Waterstone Center was fully leased at the time of acquisition and features popular tenants such as Best Buy, Michaels, Old Navy, and Verizon. Target and Costco also serve as shadow anchors for the center.
The financing for this acquisition was arranged by BWE with funding from Goldman Sachs. This marks the fourth acquisition for Next Realty Fund X and is part of Midland Atlantic Properties’ third investment fund.
According to Eteri Zaslavsky, Managing Director at Next Realty: “Despite challenges in the capital markets sector, our partnership successfully completed this transaction.” Chris Palermo, Director of Acquisitions with Midland Atlantic added: “Waterstone Center’s prime location in a thriving retail area makes it an ideal addition to our portfolio. We are thrilled to work alongside like-minded partners at Next Realty.”
