Northview Plaza | Dallas, TX

Posted on January 5, 2012

Dallas, TX | Off-Market Value-Add Retail Acquisition

Project Data

Address:

10675 E Northwest Hwy, Dallas, TX 75238

Size: 116,098 SF
Purchase Type: Neighborhood Center
Purchase Price: $16.45M ($141 PSF)

Overview

Northview Plaza is a 91% leased, 116,098-sf neighborhood Kroger-anchored shopping center in Dallas, TX. This off-market acquisition presents the opportunity to acquire the property at a below-market basis, with below market rents and the only grocery anchored shopping center within two miles of its location.  This location is characterized by a growing population of young professionals, and nearly 50% growth  in household values (compared to 15% across all of Dallas) since 2010. Current tenants at the Center have an average remaining lease term of 7.7 years, and  Kroger occupies 51% of the rentable building area, which will provide stable cash flow throughout the investment period. We also plan to create value by improving the cosmetic appearance of the Center, addressing deferred maintenance, leasing the remaining vacancy and rolling the rents to market.