Can Retail Centers Afford Not to Recharge?

The new owners will reposition the 116,099-square-foot grocery-anchored shopping center.

DALLAS—Northview Plaza is located on East Northwest Highway at Plano Road in Northeast Dallas. The location is an urban infill region that has undergone a significant demographic shift in recent years as younger residents flock to the area to take advantage of quality public schools surrounded by older houses to renovate and/or demolish and rebuild. As a result, neighborhood needs for retail offers have also shifted, leading shopping centers such as Northview Plaza to perform significant physical enhancements and new leasing strategies in order to attract new tenants.

Foundry Commercial, along with capital partner Stockbridge, has recently acquired Northview Plaza, with plans to do just that. The new owners plan to reposition the 116,099-square-foot grocery-anchored community shopping center and upgrade the tenant base. The center is currently 86% leased to both local and national retailers with grocery anchor Kroger. The acquisition price was undisclosed.