Neighborhood shopping centers are hot commodities these days and another one just changed hands.
Northwood Retail has purchased Hillside Village, a shopping center open since 1954 in the Lakewood area of East Dallas.
The 169,299-square-foot retail center is located on 11.91 acres on the northeast corner of Mockingbird Lane and Abrams Road. Its tenants include Stein Mart, Olivella's Neo Pizza, Dream Café, White Rock Coffee and Manny's Lakewood Tex-Mex.
"We have a long 10 to 15 year view for this shopping center," said Ward Kampf, president of Northwood Retail in an interview. The shopping center was last remodeled in the 1990s.
"A lot of parts of the Dallas area may be over retailed, but many of its mature densely populated neighborhoods are underserved," Kampf said.
The Mockingbird and Abrams intersection has more than 428,000 residents within a five-mile radius, he said, and about 63,000 vehicles a day pass by the center.
"Lakewood is one of the hottest areas of town," he said, adding that big box stores at the intersection would be an underutilization of the property. He likes the local restaurant mix there now and sees the center evolving into even more of a place where residents can fill their everyday needs for food, health and beauty, fitness and other services that don't compete with online shopping.
Northwood purchased Hillside from local owners Jim and Rebecca Tudor. For Hillside Village, Northwood has hired Dallas-based SHOP Cos. to help lease it.
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