LEWISVILLE, TX—The Texas population is growing by some 1,000 people per day, according to rough estimates. As a result, experts predict that future real estate opportunities will be found in retail development and investment.
One such investment example is Valley Square Shopping Center, a well-located 106,537-square-foot community retail center at 722 and 724 W. Main St. (located at the southwest quadrant of FM 1171 at IH-35E). It recently sold to Dallas-based LRIC LLC, which acquired the center from an undisclosed Florida-based investment group. The terms of the acquisition were also undisclosed.
LRIC LLC is an entity of LRIC Properties, whose principals are Steve Lipscomb and Tabb Neblett, in addition to associate, Austin Clinkscales. Weitzman negotiated the sale of the retail center. Matthew Rosenfeld, Mike Allen, Stephen Wise and Gretchen Miller with Weitzman handled negotiations as the listing agent for the property.
“The property garnered not only regional but national interest because of its proximity to I-35E off Main Street,” Rosenfeld tells GlobeSt.com. “In addition, the property offered value-add potential to a historically stabilized asset. Ultimately, we choose a local buyer, the entity of LRIC Properties, because of their familiarity with the property and understanding of its potential.”
The neighborhood center was built in 1982 and renovated in 1992. Valley Square is more than 93% leased with a tenant mix that includes 24-Hour Fitness, Chipotle, Smashburger, Cato Fashions, Sherwin Williams, T-Mobile and Cicis Pizza, along with local retailers well suited to the market.
Valley Square's highly visible Main Street retail offerings serve more than 100,000 people in a 5-mile radius in the Lewisville and affluent Flower Mound trade areas. The Lewisville/Flower Mound submarket ranks as one of the strongest in Dallas-Fort Worth, with a total retail inventory of approximately 10.1 million square feet and an occupancy rate of 91%.
The property's location is also in close proximity to Lewisville City Hall, Medical City and Lewisville High School, one of Texas' largest high schools.
LEWISVILLE, TX—The Texas population is growing by some 1,000 people per day, according to rough estimates. As a result, experts predict that future real estate opportunities will be found in retail development and investment.
One such investment example is Valley Square Shopping Center, a well-located 106,537-square-foot community retail center at 722 and 724 W. Main St. (located at the southwest quadrant of FM 1171 at IH-35E). It recently sold to Dallas-based LRIC LLC, which acquired the center from an undisclosed Florida-based investment group. The terms of the acquisition were also undisclosed.
LRIC LLC is an entity of LRIC Properties, whose principals are Steve Lipscomb and Tabb Neblett, in addition to associate, Austin Clinkscales. Weitzman negotiated the sale of the retail center. Matthew Rosenfeld, Mike Allen, Stephen Wise and Gretchen Miller with Weitzman handled negotiations as the listing agent for the property.
“The property garnered not only regional but national interest because of its proximity to I-35E off Main Street,” Rosenfeld tells GlobeSt.com. “In addition, the property offered value-add potential to a historically stabilized asset. Ultimately, we choose a local buyer, the entity of LRIC Properties, because of their familiarity with the property and understanding of its potential.”
The neighborhood center was built in 1982 and renovated in 1992. Valley Square is more than 93% leased with a tenant mix that includes 24-Hour Fitness, Chipotle, Smashburger, Cato Fashions, Sherwin Williams, T-Mobile and Cicis Pizza, along with local retailers well suited to the market.
Valley Square's highly visible Main Street retail offerings serve more than 100,000 people in a 5-mile radius in the Lewisville and affluent Flower Mound trade areas. The Lewisville/Flower Mound submarket ranks as one of the strongest in Dallas-Fort Worth, with a total retail inventory of approximately 10.1 million square feet and an occupancy rate of 91%.
The property's location is also in close proximity to Lewisville City Hall, Medical City and Lewisville High School, one of Texas' largest high schools.
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