A New York-based real estate investment business has acquired more than a dozen properties along Dallas’ Henderson Avenue with plans to develop the area.
Acadia Realty Trust purchased several buildings and 4 acres of vacant land in East Dallas for $85.4 million. The properties are located on a 10-block stretch along Henderson Boulevard between the North Central Expressway and Ross Avenue. There are currently tenants in over 160,000 square feet of commercial space, including Tecovas, Sprouts, and Fireside Pies. However, some properties are vacant and could be utilized for office or retail space.
The development is located in the center of a rapidly expanding East Dallas, near the city’s most affluent areas of Highland Park, University Park, Uptown, and Lakewood.
In its quarterly earnings report, the company noted that “Henderson Avenue is transforming into a thriving neighborhood that is quickly becoming one of Dallas’s most fashionable and desirable locations.”
The report states that the street is set to “become a flourishing retail corridor equivalent to other roadside markets in which the company has effectively invested in across the country.” Arcadia also plans to “work in collaboration with a local development team” to construct additional buildings.
More than $124 million has been spent by Acadia Realty on other properties in the past year, including a $100 million residential and retail property in Brooklyn and a $24 million retail property in West Hollywood, California. This purchase is Arcadia’s first in Texas.
Acadia Realty Trust invests in commercial buildings nationwide and owns approximately 190 properties in 12 states, including Texas, California, New York, and Florida. Its mission is to generate fair and predictable returns for our shareholders.
The Broderson family has managed Acadia Realty Trust since 1986. They have demonstrated leadership in real estate investing and have developed a reputation as one of the more successful small-cap real estate companies in the last 20 years.