Shopping center

Miami investor takes Lewisville mall

A Miami-based investor has snapped up a major North Texas shopping mall. GDF Properties has purchased the Lewisville Towne Crossing Mall at State Highway 121 and Josey Lane.

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

The property is 98% leased.

Jones Lang LaSalle negotiated the sale.

The 27-acre Lewisville Towne Crossing was sold by Harbert Management Corp., which acquired the large mall 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, the investor acquired an apartment community in Houston that was also sold by Alabama-based Harbert Management.

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

The D-FW area leads the nation in commercial real estate purchases.

A total of $22.9 billion in North Texas commercial real estate sales in the region were recorded in the first half of 2022, up about 50% year-over-year.

Studio Movie Grill is one of Lewisville Towne Crossing’s major tenants.(Jones Lang LaSalle.)
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