A Miami-based developer with an established multifamily presence in Texas is now expanding into the commercial market in one of Dallas’s largest suburbs with the purchase of a shopping center in Lewisville.
GDF Properties has just closed a deal on the 232,428-square-foot, Target-anchored Lewisville Towne Crossing on 4740-4866, TX-121. The financial terms of the deal were not disclosed and the seller requested to remain anonymous.
GDF’s other Texas investments include a 569-unit Holly Hall Apartments located at 2111 Holly Hall Street in Houston, which it purchased in September 2021 for $58 million.
Sitting on over 27 acres, the Lewisville retail property is located between the rapidly growing neighborhoods of Lewisville and the commercial corridor of The Colony, another Dallas city near the active Sam Rayburn Tollway.
With a current population of 115,128 — up 6.8 percent from 2020 — the city of Lewisville is seeing continued growth and financial investment in both residential and commercial projects.
GDF is not the only developer investing in commercial space in Lewisville, as Detroit-based Ally Financial recently closed on 163,000 square feet of office space at the two-story building at 2911 Lake Vista Drive in Lewisville. The city also recently ranked as among the top cities in the nation for apartment construction.
According to the release, the Lewisville Towne Crossing property is currently 99 percent leased, and its tenants include Ulta, Five Below, Dollar Tree, 24 Hour Fitness, Petsmart, Studio Movie Grill, AT&T, FedEx, West Marine, Jersey Mike’s Subs, and Crumbl Cookies.
It also has co-tenancy with a Super Target and is in close proximity to the corporate headquarters of Toyota, JP Morgan Chase, and Liberty Mutual.