Lamar Companies Acquires Two Shopping Centers in Dallas Msa
LEWISVILLE, Texas, June 26, 2018 (Newswire.com) - Lamar Companies, in conjunction with Real Capital Solutions, is pleased to announce the acquisition of a portfolio of two class-A shopping centers, Shops at Vista Ridge and Vista Ridge Plaza. The properties total approximately 292,000 square feet and are located within the area’s dominant retail node in Lewisville, TX. The centers are anchored by top retailers, including Bed, Bath and Beyond, DSW, Burke’s Outlet and Pier 1 Imports. Although historically very well-leased, the properties currently offer an attractive value-add opportunity due to the recent departure of Babies R Us, as well as a dark fitness operator. According to Ralph Pugliano, Executive Vice President with Lamar, “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.”
The properties are located approximately 20 miles north of downtown Dallas, and 25 miles northeast of downtown Fort Worth and are conveniently located less than 10 miles from the Dallas-Fort Worth International Airport, among some of the fastest growing demographic areas in the United States. The centers sit at the signalized hard corner of FM 3040 (Round Grove Road) and McArthur Boulevard and are approximately 0.25 miles west of the well-traveled Interstate 35. “We are excited to have acquired two historically well-leased centers in the continuously growing suburbs north of Dallas. 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,” said Kyle Hayes, Director at Lamar Companies.
“This marks our 20th acquisition with Real Capital Solutions, with close to 1 million square feet of acquisitions in 2018 alone. We continue to see real opportunities in the retail sector to acquire undervalued assets with significant growth potential and look forward to continuing to expand our portfolio through the acquisition of well-located assets in areas with strong demographic trends,” said Frank Maresca, Vice President at Lamar Companies.
Contact: Frank Maresca, Vice President, Lamar Companies
Source: Lamar Companies