LOS ANGELES--(BUSINESS WIRE)--Jul 31, 2023--
Westwood Financial, a leading commercial retail real estate investment firm, announced the successful completion of its off-market acquisition of Northview Plaza in Dallas, Texas. This significant transaction was executed directly with existing ownership due to Westwood Financial’s excellent relationships within the shopping center industry.
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Northview Plaza is strategically located in infill Dallas, Texas at 10677 E. Northwest Hwy. (Photo: Business Wire)
"We are excited to have closed the acquisition of Northview Plaza," said Mark Bratt, CEO of Westwood Financial. "The center's strategic location and impressive tenant mix align perfectly with our investment strategy. We look forward to unlocking its full potential and delivering sustainable income growth."
Northview Plaza is a 120,000-square-foot high-performing Kroger Anchored shopping center with an 89% occupancy rate. The center is strategically located in infill Dallas, Texas (#4 ranked MSA in the U.S.), at 10677 E. Northwest Hwy, 4.7 miles northeast of Old Town Shopping Center, one of Westwood Financial’s top-performing flagship assets. Its exceptional position at a high-traffic intersection in a highly desirable residential area makes it a valuable addition to Westwood’s portfolio.
The diverse tenant mix at Northview Plaza, which includes prominent brands like Petco and McDonald's, alongside various medical, fitness, personal services, and food establishments, contributes to its outsized customer traffic and attractiveness in the market.
Westwood Financial's strategic decision to acquire Northview Plaza is further validated by the exceptional performance of Kroger, the center's anchor tenant, and the irreplaceable location it holds. The acquisition presents immediate leasing opportunities and below-market rents, positioning Westwood Financial to capitalize on the property's potential and significantly enhance revenue and overall performance.
About Westwood Financial
Westwood Financial owns, manages, and operates over 125 high-quality shopping centers in top U.S. metropolitan markets, including Atlanta, Charlotte, Dallas, Denver, Los Angeles, Orlando, Phoenix, and Raleigh. Top-tier grocers and leading service and experiential-based operators primarily anchor the centers. Established in 1970 by Howard Banchik and Steven Fogel, Westwood Financial is headquartered in Los Angeles, with regional offices in Atlanta, Dallas, and Phoenix. For more information about Westwood Financial and its portfolio of properties, please visit www.westfin.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230731741945/en/
CONTACT: Matthew Loving
Director of Investor Relations
MLoving@westfin.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY DEPARTMENT STORES REIT SUPERMARKET RESTAURANT/BAR FOOD/BEVERAGE RETAIL SUPPLY CHAIN MANAGEMENT
SOURCE: Westwood Financial
Copyright Business Wire 2023.
PUB: 07/31/2023 07:00 AM/DISC: 07/31/2023 06:58 AM
http://www.businesswire.com/news/home/20230731741945/en
