LEWISVILLE—Weitzman has negotiated the sale of The Shops at Vista Ridge, a 74,837-square-foot community retail center located at the southeast corner of FM 3040 and MacArthur Boulevard. The purchaser was a locally based investment group.
Matthew Rosenfeld, Kevin Butkus and Giovanni Scardino with Weitzman handled negotiations on behalf of the seller, Lamar Companies and Real Capital Solutions.
The Shops at Vista Ridge benefits from its highly visible location in the heart of Lewisville’s most prominent retail district. The center features an Internet-resistant tenant mix of strong national and regional retailers, including retail, restaurant, fitness, beauty, and service uses. Anchors include Texas Family Fitness and Harbor Freight Tools. Other notable national and regional tenants include Salons by JC, McAlister’s Deli, Smoothie King and Hobbytown USA.
At the key intersection of FM 3040 and MacArthur Boulevard, the center benefits from access and visibility along one of the major thoroughfares in Lewisville with a combined 62,371 vehicles per day. The trade area reports nearly 99,000 residents an average household income of approximately $106,000 within a three-mile radius.
Lamar Companies is a full-service, privately held, real estate investment company headquartered in Fairfield, New Jersey. Real Capital Solutions is a privately held, real estate investment company headquartered in Louisville, Colorado.
About the investment demand for retail properties, Rosenfeld said, “The retail investment sales market is the strongest its been in quite some time as investors are shifting back to retail to seek out a better return than multifamily and industrial assets.”