Northview Plaza | Dallas, TX
Posted on June 1, 2017
Dallas, TX | Off-Market Value-Add Retail Acquisition
10675 E Northwest Hwy, Dallas, TX 75238
|Purchase Type:||Neighborhood Center|
|Purchase Price:||$16.45M ($141 PSF)|
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.