Real Estate and Development News

Midland Atlantic Properties and Next Realty Joint Venture Acquires Cincinnati Shopping Center, Waterstone Center

Midland Atlantic Properties and Next Realty Joint Venture Acquires Cincinnati

Shopping Center

SKOKIE, IL, & CINCINNATI, OH (September 29, 2023) - 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 financial terms of the transaction were not disclosed.

Waterstone Center is located in the Mason submarket, in the heart of the northeast quadrant of Cincinnati, one of the most sought-after submarkets in the metro area.  The property sits along a prime retail corridor on Fields Ertel Road with average vehicle counts of over 30,000 per day.  The property is fully leased and features a diverse tenant line-up including Best Buy, Ross Dress for Less, Michaels, Old Navy, Petco, and Verizon. Target and Costco are “shadow anchorsof the center and help to generate strong traffic to Waterstone Center.  Notable recent leasing efforts include a lease with Ross Dress for Less, replacing the former Barnes & Noble.

Waterstone Center is the latest acquisition for Midland Atlantic Properties’ third investment fund. This shopping center is representative of the focus of the firm’s retail real estate investments throughout the years – a dominant infill shopping center with strong tenancy within an attractive submarket.

Waterstone Center is the fourth acquisition for Next Realty Fund X and the second retail acquisition for the company in Cincinnati.  The first property that Next Realty acquired in Cincinnati, Kings Automall Shopping Center, is located adjacent to Waterstone Center.

We are pleased to continue expanding and diversifying our retail portfolio.  This acquisition also presented an opportunity to partner with an experienced and local operator.  Despite the capital markets headwinds, we were able to combine forces and successfully complete the acquisition,” said Eteri Zaslavsky, Managing Director, 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. Utilizing our combined expertise will allow the joint venture to maximize the performance of this investment,” said Chris Palermo, Director of Acquisitions, Midland Atlantic Properties.

The acquisition financing was arranged by BWE and financed by Goldman Sachs.

About Midland Atlantic Properties

Midland Atlantic Properties is based in Cincinnati and, since 1998, has been acquiring, developing, managing, and leasing retail properties throughout the Midwest, Southeast, and Mid-Atlantic states. Midland Atlantic Properties office is located ten miles south of Waterstone Center and the firm has vast experience owning, developing, and managing retail projects in Greater Cincinnati, including the northern suburb of Mason.  For more information, please visit

About Next Realty, LLC:

Next Realty, LLC is a Chicago-based real estate private equity firm that has been acquiring commercial properties since 1998. Next Realty has completed over 70 transactions across multiple asset types and locations, representing approximately $650 million in gross asset value.  As part of our Multi- Solution™ investment strategy, Next Realty manages a diversified portfolio of retail, parking, flex and multifamily properties. For more information, please visit