For property tour info please contact Thomas Dobrowski at 212-372-0751 or tdobrowski@ngkf.com.
Newmark Grubb Knight Frank has been exclusively retained to market to qualified investors the opportunity to acquire Vista Ridge Mall (the "Property" or "Mall"), a dominant super-regional mall located in Lewisville, Texas. The Property was constructed in 1988, renovated in 2006, and is comprised of 1,108,917 SF with an owned gross leasable area ("GLA") of 438,707 SF. In addition to the owned anchor Cinemark (59,255 SF), unowned anchor tenants include Dillard's (200,000 SF), JC Penney (144,740 SF), Macy's (178,322 SF) and Sears (147,148 SF).
The Property possesses a host of fundamentally-desirable investment characteristics, including a healthy gross income and in-place net operating income of $8.27M and $2.08M (FY 2018) respectively, along with a strong anchor line-up including, Cinemark, Dillard's, JC Penney, Macy's and Sears. The Property will provide a new owner with cash flow to fund future lease-up of vacant in-line spaces and additional cost savings will be possible through operating expense reductions in real estate taxes and other owner specific costs, further enhancing free cash flow significantly.
Vista Ridge Mall is located at the intersection of I-35E and Route 121 (Sam Rayburn Tollway) with traffic counts of 200,000 and 70,000 respectively, providing a consistent stream of shoppers. This historically congested intersection has recently benefited from a $4.8 billion renovation project (commenced in 2013), which is nearing completion. The Dallas metro as a whole continues to flourish on all fronts and remains attractive for both local and national future investment in infrastructure, office, single and multi-family housing, and bricks and mortar retail.
Investment Highlights:
Strong performing anchor line-up including a state-of-the-art 15 screen Cinemark.
Upside potential through the lease-up of 96,391 SF of in-line space.
Located off the newly expanded I-35E with over 200,000 vehicles per day.
Central location within a high growth corridor of the Dallas MSA - 90K population within a 3-mile radius with an average household income of $65K.
Recent and ongoing developments in the area include Nebraska Furniture Mart of Texas, Legacy West (Headquarters for Boeing, FedEx and Toyota North America), and Hebron 121 Station (Apartments, Office, Retail, & Restaurants)
Broker License Info: Seth Weinstein | Newmark Grubb Knight Frank | Texas | 440400 This property will be auctioned on Monday, September 25 - Wednesday, September 27 . The price displayed is the starting bid amount of $4,500,000. For information and to register to bid on this property, please visit Ten-X.com.
