Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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. 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.
About MDT Properties
MDT Properties, established in 2006, is a full-service real estate firm specializing in investing in and developing multi-family properties in Los Angeles and Austin, as well as other investment properties throughout the country. MDT’s principal is Marc Tavakoli. To learn more, visithttp://www.mdtproperties.com.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 270 employees and more than 40 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. For more information, visit www.foundrycommercial.com.
Stockbridge is an independent real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge and its affiliates have approximately $11.1 billion of assets under management (as of March 31, 2017) spanning all major real estate property types, and certain specialty property types, throughout the United States. Learn more at http://stockbridge.com.
About First Midwest
First Midwest is a relationship-based financial institution and one of the largest independent publicly-traded bank holding companies based on assets headquartered in the Midwest, with approximately $14 billion in assets and $10 billion in trust assets under management. First Midwest’s principal subsidiary, First Midwest Bank, and other affiliates provide a full range of commercial, equipment leasing, retail, wealth management, trust and private banking products and services through over 130 locations. First Midwest’s common stock is traded on the NASDAQ Stock Market under the symbol FMBI. First Midwest’s website is www.firstmidwest.com.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.