LEWISVILLE—Weitzman has negotiated the sale of Valley Square Shopping Center, a well-located 106,537-square-foot community retail center located at 722 and 724 W. Main Street (FM 1171) at IH-35E. The purchaser, Dallas-based LRIC, LLC, acquired the center from a Florida-based investment group. LRIC, LLC., is an entity of LRIC Properties, whose principals are Steve Lipscomb and Tabb Neblett and their Associate, Austin Clinkscales
Matthew Rosenfeld, Mike Allen, Stephen Wise and Gretchen Miller with Weitzman handled negotiations as listing agent for the property.
Valley Square, located at the southwest quadrant of FM 1171 at IH-35E, is more than 93 percent leased with a tenant mix that includes 24 Hour Fitness, Chipotle, Cato Fashions, Sherwin Williams, T-Mobile and Cicis Pizza, along with local retailers well suited to the market. The property’s visible and accessible location serves more 100,000 people in a five-mile radius in the Lewisville and 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 percent.