By Keith Loria
Lamar Cos. has partnered with Real Capital Solutions to acquire both Shops at Vista Ridge and Vista Ridge Plaza, two Class A shopping centers in Lewisville, Texas. The sale was brokered by Disney Investment Group.
“Despite the media highlighting risks in the retail sector, we believe well-located assets in markets with strong demographic trends are well-positioned and hope to capitalize on this contrarian investment strategy by continuing to acquire retail assets at an attractive basis,” Frank Maresca, Lamar’s vice president, told Commercial Property Executive.
The duo of properties total nearly 292,000 square feet and are located within the area’s dominant retail node. Among the retail stores in the centers are Bed, Bath and Beyond, DSW, Burke’s Outlet and Pier 1 Imports. Some rare space recently became available due to the departure of Babies R Us, which went out of business nation-wide, and the closing of a dark fitness operator.
“We viewed this acquisition as a compelling opportunity to acquire two historically well-leased centers at an attractive basis due to the recent departures of two anchor tenants,” Maresca said. “The purchase fits well with Lamar’s investment criteria, which is focused on acquiring undervalued retail opportunities across the United States with significant upside potential.”
The deal represents the 20th between Lamar and Real Capital Solutions, and the partners have acquired approximately 1 million square feet of retail space in 2018 alone. As we reported in May, the joint venture purchased a segment of Promenade at Casa Grande, a 1 million-square-foot retail property in Casa Grande, Ariz.
Located at 500 E. Round Grover Road and 420 E. Round Grove Road, respectively, Shops at Vista Ridge and Vista Ridge Plaza are both situated approximately 20 miles north of downtown Dallas, and 25 miles northeast of downtown Fort Worth. The centers are also just a quarter mile west of the popular Interstate 35.
According to Maresca, the location of the centers and their dominant position in the market was a big reason for the purchase.
Image courtesy of Lamar Cos.