Miami investor buys Lewisville shopping center

Lewisville Towne Crossing is anchored by Target and Studio Movie Grill.

A Miami-based investor has snapped up a major North Texas retail center. GDF Properties bought the Lewisville Towne Crossing shopping center on State Highway 121 and Josey Lane.

The 232,492-square-foot retail center was built between 2008 and 2016 and is anchored by a Target store. Other major tenants are Studio Movie Grill, Petsmart and 24-Hour Fitness.

The property is 98% leased.

Jones Lang LaSalle brokered the sale. The 27-acre Lewisville Towne Crossing was sold by Alabama-based Harbert Management Corp., which acquired the big retail center in 2016.

Terms of the new sale were not disclosed. The acquisition was financed by New York-based Popular Bank.

New owner GDF Properties is a private real estate investor with multiple holdings in Florida. Last year, GDF acquired a Houston apartment community that was also sold by Harbert Management.

The Lewisville shopping center sale adds to the list of North Texas commercial properties changing hands in 2022.

The D-FW area tops the country in commercial real estate purchases. A total of $22.9 billion in North Texas commercial real estate sales in the area were recorded in the first half of 2022 — up about 50% from the same period of 2021.

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