Two Lewisville shopping centers trade to New Jersey investor
Two Lewisville shopping centers have changed hands.
New Jersey-based investor Lamar Cos. has purchased the Shops at Vista Ridge and Vista Ridge Plaza retail centers, located west of Interstate 35E and near Music City Mall in Lewisville.
The shopping centers on Round Grove Road have almost 300,000 square feet of space.
Tenants in the properties include Bed, Bath and Beyond, DSW, Burke's Outlet and Pier 1 Imports.
"We were attracted to this opportunity due to the center's exceptional location and dominant position in the market, which has already been proven by the strong preliminary leasing interest received from potential retailers to date," Ralph Pugliano, Executive Vice President with Lamar, said in a statement.
Lamar made the purchase in partnership with Colorado-based real estate investor Real Capital Solutions. The properties were acquired from Kimco Realty Corp.
Dallas' Disney Investment Group brokered the sale.
The deal is Lamar's 20th acquisition with Real Capital Solutions. Lamar owns and manages more than $200 million in retail centers across the U.S. from New Jersey to Arizona. The company also has a shopping center in Texas in Bryan.