“Cosmetically, we will add color and energy to the property by changing the façade, adding awnings, upgrading the lighting and signage. We will also be re-tenanting the property with users who are most compatible with the changing demographics,” Grisham tells GlobeSt.com. “Every shopping center tenant base is only as successful as how well they meet the demand of their customer base. As the needs of the demographics shift towards a younger population, every shopping center in submarkets such as Lake Highlands should adapt their tenant base over time to meet the shift in demographics as leases mature and new demand increases.”

In the last 18 months, Foundry Commercial has purchased $160 million in acquisitions in Dallas, totaling 1.1 million square feet. During the last three years, Foundry Commercial has acquired $700 million in assets across the Southeast, totaling 7.1 million square feet.

Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout, now as a full-service real estate services and investment company with 270 employees and more than 45 million square feet of management and leasing across the Southeast and Texas. Foundry also includes a development and investment platform that is fully integrated into its services business.

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.

“The revitalization we are seeing in Northeast Dallas presents a unique opportunity for Northview Plaza, and other retail centers like it, to undergo a transformation that will truly capture the market's changing and improving demographic,” said Jimmy Grisham, managing director and principal of development and investment at Foundry Commercial. “Together with Kroger, we are working hard to enhance the center so that it meets the high standards set by the rest of the changing neighborhood. The cooperation we have received from the Kroger team thus far has been outstanding, and we look forward to the work ahead.”

While little vacancy is currently available at Northview Plaza, Foundry Commercial plans to immediately implement amenity enhancements at the shopping center, such as updated landscaping and lighting, and a material and color pattern refurbishment that complements the Kroger brand.

“Cosmetically, we will add color and energy to the property by changing the façade, adding awnings, upgrading the lighting and signage. We will also be re-tenanting the property with users who are most compatible with the changing demographics,” Grisham tells GlobeSt.com. “Every shopping center tenant base is only as successful as how well they meet the demand of their customer base. As the needs of the demographics shift towards a younger population, every shopping center in submarkets such as Lake Highlands should adapt their tenant base over time to meet the shift in demographics as leases mature and new demand increases.”

In the last 18 months, Foundry Commercial has purchased $160 million in acquisitions in Dallas, totaling 1.1 million square feet. During the last three years, Foundry Commercial has acquired $700 million in assets across the Southeast, totaling 7.1 million square feet.

Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout, now as a full-service real estate services and investment company with 270 employees and more than 45 million square feet of management and leasing across the Southeast and Texas. Foundry also includes a development and investment platform that is fully integrated into its services business.