DALLAS – Changes are coming to Alpha Plaza and Midway Center as their owner, Kennington Commercial, rolls out a new strategy to keep pace with increased multifamily and mixed-use development within the three-mile trade area of the Dallas Galleria.
Kennington's projects, totaling 122,363 sf, are being transitioned to retail from flex industrial in anticipation of higher demand. Approximately 1,000 multifamily units slated will
"We are in the process of re-tenanting. We have renewed some flex tenants, but the plan is to transition both properties to true retail as expediently as we can," says Leigh Richter, executive vice president of Dallas-based Bradford Commercial Real Estate Services. She and her husband, Paul Richter, a Bradford vice president, lease the properties for the local landlord.
The upcoming changes include adding sit-down restaurant spaces to both projects and white-boxing 5,021 sf in Alpha Plaza and 10,133 sf in Midway Center. The Bradford team also is targeting entrepreneurial retail, health and wellness and home furnishings.
"Kennington's properties are in the hot market of the Galleria. The apartments are under development and the Aloft Hotel are transforming the area," Richter says. "We plan to be ready with white-boxed small shop space."
Since taking on the assignment nine months ago, the Bradford team has signed 10 leases, totaling 25,078 sf. Four were brand-new retail leases, and one of which is the Pencil on Paper Gallery, owned by Dr. Valerie Gillespie and her husband, Emmanuel, art educators at Greenhill School and the Winston School, respectively, and noted Texas artists.
Another entrepreneurial business, Urban Spikes LLC, is occupying its first retail location after outgrowing its owner's garage. The Alpha Plaza florist specializes in botanical designs of succulents with natural accents and
Kennington's other new retail tenants are Euro Living Furniture Texas LLC, which relocated from the Dallas Design District, and Cantera Doors, a custom design firm that makes hand-forged, one-of-a-kind doors.
The 76,299-sf Alpha Plaza is 70% leased. Midway Center, totaling 46,064 sf, is 56% occupied.
"Kennington Commercial offered the assignment to Bradford because of the leasing success we've shown with its industrial portfolio," Richter says. "Repurposing these two properties to retail appears to be working. We have several more deals in the pipeline."
Alpha Plaza is part of Farmers Branch Eastside Business District, which is the focus of the city's plan to redevelop the area into a destination for residents and visitors. To help achieve that vision, Farmers Branch officials have initiated a facade grant program and made funds available for public/private partnerships for ground-up development and redevelopment.