A New York-based real estate investment trust recently bought 15 buildings along Henderson Avenue and says it plans to move forward with development in the area.
Acadia Realty Trust paid $85.4 million for the properties that stretch on Henderson between North Central Expressway and Ross Avenue.
Existing tenants in the more than 120,000-square feet of properties include Tecovas, Warby Parker, Bonobos, and Sprouts Farmers Market, as well as restaurants such as Gemma, Tei Tei Robata Bar, and The Porch.
“The Portfolio is located in the heart of rapidly growing East Dallas, and in proximity to the city’s most affluent communities of Highland Park, University Park, Uptown, and Lakewood,” Acadia said in a recent quarterly report Monday. “Henderson Avenue is evolving into a vibrant neighborhood, becoming one of the trendiest and most desirable areas in Dallas.”
“With approvals in place for the development site and plans to invest in the Portfolio and the surrounding neighborhood, Henderson Avenue is poised to become a thriving retail corridor similar to the other street markets where the company has successfully invested in across the country,” Acadia continued. “Significant redevelopment and densification opportunities will enable the Company to add retail and office space to the Portfolio and further connect and activate this already thriving district.”
The company acquired more than $120 million in other properties this year, including a nearly $100 million retail and residential property in Brooklyn and a $24 million building in West Hollywood, California.