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| Aaron Johnson |
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF)
announced it has closed the sale of and arranged financing for Northview Plaza, a 116,099-square-foot,
grocery-anchored community shopping center in northeast Dallas, Texas.
HFF marketed the property
on behalf of the seller, California-based MDT Properties. A partnership between Foundry Commercial and
Stockbridge purchased the asset free and clear of existing debt.
Additionally, HFF worked
on behalf of the new owners to place the floating-rate loan with First Midwest
Bank. Loan proceeds will be used to fund
the acquisition and capital improvements at the property.
Situated on 15.46 acres at
10675-10677 East Northeast Highway in the northeastern part of Dallas,
Northview Plaza is located at the intersection of the Northwest Highway and
Plano Road, which have combined traffic counts of approximately 51,771 vehicles
per day.
The center is located in an urban infill
location inside the Interstate 635 loop between the Lake Highlands and White
Rock Lake neighborhoods, both of which have seen significant gentrification
since 2010.
 |
| Ryan Shore |
More than 122,000 residents with an average
annual household income of $78,000 live within three miles of the center.
Completed in 1991, Northview Plaza is 86
percent leased to a mix of national and local retailers and restaurants,
including Kroger, Petco, Allstate Insurance, T-Mobile, Go 4 It Sports Grill,
Great Clips McDonald’s and White Rock Chiropractic.
The HFF investment sales
team representing the seller was led by director Aaron Johnson, managing director Ryan Shore and senior managing directors Jim Batjer and Barry Brown.
The debt placement team
representing the new owner was led by senior director Jim Curtin.
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza, Suite
700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | hfflp.com
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