By Razvan Cimpean
In an off-market transaction, MDT Properties sold Northview Plaza, a 116,000-square-foot Kroger-anchored community shopping center in Dallas. Foundry Commercial teamed up with Stockbridge to acquire the property, which was 86 percent leased at the time of sale.
Located at 10675-10677 East Northeast Highway, close to Interstate 635, the shopping center sits on nearly 15.5 acres. Combined, traffic from Northwest Highway and Plano Road totals 52,000 cars per day. More than 120,000 residents with an average annual household income of $78,000 live within three miles of Northview Plaza, . The shopping center features multiple national and local retailers and restaurants, including Petco, Allstate Insurance and McDonald’s.
According to Dallas News, the new owners are set to upgrade Northview Plaza by including new lighting and landscaping, as well as remodeling the exterior of the building. Earlier this year, Foundry also closed on a Charlotte industrial development site.
Aaron Johnson, Ryan Shore, Jim Batjer and Barry Brown of HFF represented the seller in the transaction. Additionally, HFF’s Jim Curtin arranged the acquisition loan from First Midwest Bank on behalf of the buyer. While this deal is Foundry’s fifth acquisition in Dallas, it is the company’s first collaboration with Stockbridge. Jimmy Grisham, Zach Odle, Jonathan Balthrop and Ankoor Jivan of Foundry negotiated the transaction.
Image courtesy of HFF