| Press Release / April 2006 | View PDF |
Next Realty, LLC Acquires Collington Plaza Shopping Center in Bowie, MD.
Northbrook, IL (April 6, 2006) – Next Realty, LLC, announces the acquisition of Collington Plaza Shopping Center from a group of private owners. Built in 1996, the 121,790-square-foot multi-tenant shopping center is located on a high volume thoroughfare in Bowie, Md. This Class-A Community Center is ideal due to its central location in a growing market.
“We believe it is a great fit for our company, and will serve as the starting point for acquisition of similarly-positioned properties in the Mid-Atlantic through our 2006 Next Opportunity Fund,” commented George Galloway, principal in Next’s Mid-Atlantic office. “We want to be viewed as prime prospects to purchase any anchored retail property sold in this region, and this transaction speaks volumes about our ability to perform.”
Collington Plaza is located at the northwest corner of Crain Highway (301) and Excalibur Road in Bowie, Md. The shopping center is anchored by a 65,000-square-foot Giant Food Store, and contains 17 smaller tenants including Radio Shack, Blockbuster Video, KB Toys, Mattress Discounters, 7-11, General Nutrition Centers, Sally Beauty, and a number of other national tenants. The adjacent Wal-Mart is separately parceled. Next will manage and lease the center as part of its extensive portfolio.
Joseph Reger, acquisitions associate for Next Realty, negotiated the transaction on behalf of the purchaser.
Next Realty, LLC, with offices in Northfield, Ill. and in McLean, Va., works to create and retain wealth through commercial real estate, including acquiring and developing shopping centers, retail land and parking structures. Next Realty principals own and manage a portfolio valued in excess of $300 million throughout 12 states.
