--New owners to reposition asset, attract new tenants in response to changing market demographics--
DALLAS (July 25, 2017) – Foundry Commercial, along with capital partner Stockbridge, announces today that it has acquired Northview Plaza in Northeast Dallas. The new owners plan on repositioning the 116,099-square-foot, grocery-anchored community shopping center and upgrading the tenant base.
Northview Plaza, which is currently 86 percent leased to both local and national retailers with grocery anchor Kroger, is located on East Northwest Highway at Plano Road. The location is an urban infill region that has witnessed a significant demographic shift in recent years as younger residents flock to the area to take advantage of older houses to renovate and/or demolish and rebuild, and to take advantage of quality public schools. As a result, neighborhood needs for retail offers have also shifted, leading shopping centers like Northview Plaza to seek significant physical enhancements and new leasing strategies in order to attract new tenants.
“The revitalization we are seeing in Northeast Dallas presents a unique opportunity for Northview Plaza, and other retail centers like it, to undergo a transformation that will truly capture the market’s changing and improving demographic,” said Jimmy Grisham, managing director and principal of development and investment at Foundry Commercial. “Together with Kroger, we are working hard to enhance the center so that it meets the high standards set by the rest of the changing neighborhood. The cooperation we have received from the Kroger team thus far has been outstanding, and we look forward to the work ahead.”
While little vacancy is currently available at Northview Plaza, Foundry Commercial plans to immediately implement amenity enhancements at the shopping center, such as updated lighting and landscaping, new awnings, and a material and color pattern refurbishment that compliments the Kroger brand.
In the last 18 months, Foundry Commercial has purchased $160 million in acquisitions in Dallas, totaling 1.1 million square feet. Over the last three years, Foundry Commercial has acquired $700 million in assets across the Southeast, totaling 7.1 million square feet.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 270 employees and more than 45 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control nearly $700 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout. For more information, visit www.foundrycommercial.com.
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