Lee & Associates closes sale of 50,511-square-foot retail center in Lewisville

Lee & Associates closes sale of 50,511-square-foot retail center in Lewisville

Lee & Associates Dallas-Fort Worth completed the new purchase of Lake Park Plaza, a ±50,511-square-foot multi-tenant retail center at 359 Lake Park Road in Lewisville, Texas. Phil Rosenfeld of Lee & Associates Dallas-Fort Worth represented the buyer, LR Lake Park, LLC, an affiliate of Lucrum Realty. Lake Park Plaza holds the hard corner of Lake Park Road and Oakridge Boulevard, half a mile from Lake Park — the City of Lewisville’s 662-acre lakefront park, with two golf courses, a marina, boat ramps, an RV campground and swim beaches. The City has committed more than $42 million through its 2024 bond program to improvements at Lake Park and Vista Ridge Park. Two miles south, Old Town Lewisville is delivering more than 1,500 new residential units. The center is anchored by a fuel and convenience operator, with automotive service, an event center, and a mix of food, retail, personal-service and professional-office tenants. Lucrum Realty has begun a program of improvements at the property, including new monument and tenant signage, and a refreshed identity for the center. Lee & Associates has been retained to handle leasing at Lake Park Plaza, where retail and office suites are currently available. Terms of the transaction were not disclosed.