Two Lewisville shopping centers acquired by East Coast investor
June 27, 2018
Lamar Companies, a New Jersey-based owner and operator of shopping malls, has acquired two retail centers off of I-35 in Lewisville.
The two properties, the Shops at Vista Ridge and Vista Ridge Plaza, sit at the corner of FM 3040 (Round Grove Road) and MacArthur Boulevard, totaling approximately 292,000 square feet. Existing tenants include Bed Bath & Beyond, DSW, Burke’s Outlet and Pier 1 Imports, and up until recently, Babies R Us.
The shopping centers are located less than 10 miles from the Dallas Fort Worth International Airport and 20 miles north of downtown Dallas. The acquisition was made in conjunction with Real Capital Solutions, a Colorado-based real estate investment firm. Dallas-based Disney Investment Group handled the transaction.
“We are excited to have acquired two historically well-leased centers in the continuously growing suburbs north of Dallas,” Kyle Hayes, director at Lamar Companies, said in a press release. “Based on initial leasing interest, we expect to improve the centers’ overall occupancy, which will quickly solidify the centers as some of the most dominant in the market.”
Lamar Companies owns and manages over $200 million in assets, having been named one of the “Top 100 Owners” of retail shopping centers in the United States by Retail Traffic magazine. In May, the company acquired Promenade at Casa Grande in Arizona, a major shopping center totaling over 1 million square feet, also in conjunction with Real Capital Solutions.