North Texas

New Owner Buys Vista Ridge Mall at Auction for $17.3 Million

A North Texas shopping mall has a new owner. Vista Ridge Mall is Lewisville was recently auctioned off, but so far the name of the buyer has not been made public.

The mall opened in 1989 and has had several owners.

In recent years it has struggled, in part due to a preference by many shoppers to buy items online.

Officials in Lewisville are anxious to find out what's in store for the property.

"It's an exciting time, but it's also a bit of a nervous time," said James Kunke, Lewisville's director of communications.

Kunke said competition has also hurt business at the mall. When it was constructed, there were few other businesses in the immediate area. That's changed.

"Now you drive in any direction and there are a lot of retail choices," he said.

The unknown buyer bid $17.3 million for the property. Kunke says that figure was higher than the opening bid at auction, but represents only about half of the mall property's assessed value.

Community leaders are anxious to find out about future plans, because Vista Ridge is number two on the list of tax revenue generating properties in Lewisville.

"You really want something there that is vibrant," Kunke said. "Something that draws a lot of people. That generates some excitement."

The Woodmont Company currently manages Vista Ridge Mall. The company did not comment on the sale or the buyer, saying the deal has not yet been signed.

Kunke said the city of Lewisville is ready and willing to work with the buyer – whomever it may be.

"We know someone spent a lot of money to purchase that property," Kunke said. "I can't imagine they bought it just to sit there."

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