DUNCANVILLE, TX-Developer Duncanville Villages Retail Ltd. sold its 62,279-square-foot Shops at Waterview Park, a four-building portfolio. The buyer was Interra Management Co.
The property at the intersection of Main Street and Highway 67 has an existing tenant mix of service businesses (such as medical offices and financial services professionals) and restaurants. An LA Fitness Club is adjacent to the property; also on-site is the 216-unit Bella Ruscello (which was not part of the sale).
Kevin Brookmole, Wade Smith with Colliers International North Texas office and Tom Lagos, El Warner with Colliers' Los Angeles office represented the seller. The buyer did not have a representative.
Duncanville Villages Retail began developing the property in 2007; two years prior to that, Colliers International negotiated the sale of the land to the developer. Brookmole managed leasing for the entire property and Colliers will maintain the leasing following the property's sale.
“Shops at Waterview Park is a ground-up assignment that has evolved tremendously during the past eight years. It has been a successful mixed-use development that provided new product in the market,” Brookmole says. “Despite the economic turbulence in 2008, leasing activity remained stable and has not slowed since. In fact, we've lined up several new leases during the sales period. The property's success wouldn't have been possible without the strong partnership with Duncanville Villages Retail Ltd.”
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