A 50,511-square-foot retail center in Lewisville, Texas, has changed hands, with an affiliate of Lucrum Realty acquiring Lake Park Plaza. The multi-tenant property is located at 359 Lake Park Road and is positioned at the corner of Lake Park Road and Oakridge Boulevard, a location that places it near established residential and recreational demand drivers.
Lake Park Plaza was originally built in 1985 and is configured as a multi-tenant retail center. The property serves a mix of daily needs and destination-oriented uses, reflecting a tenant roster that spans several retail categories. The center is anchored by a fuel and convenience operator, which helps drive recurring traffic to the site. In addition, the asset includes automotive service, an event center, and a variety of food, retail, personal-service, and professional-office tenants.
The acquisition involved representation by Lee & Associates Dallas-Fort Worth. Phil Rosenfeld of the firm represented the buyer, identified as an affiliate of Lucrum Realty. While the final sales price for the transaction was not disclosed, the listed sale price for Lake Park Plaza was reported at $7,250,000, providing at least a reference point for the asset’s marketed value even though the exact closing figure remains confidential.
Following the change in ownership, Lucrum Realty has initiated a program of improvements at the property. The planned work includes new monument and tenant signage, as well as a refreshed identity for the center. These updates are intended to enhance the visibility and branding of Lake Park Plaza along the surrounding roadways and to modernize the presentation of the asset for both existing and prospective tenants.
On the leasing front, Lee & Associates has been retained to handle leasing for Lake Park Plaza going forward. With an existing mix of retail, service, and office tenants already in place, the leasing assignment will focus on maintaining occupancy and curating a complementary tenant mix within the center’s established footprint. The involvement of a dedicated leasing team alongside a defined improvement program signals an active asset management approach under the new ownership.
Lake Park Plaza benefits from its proximity to Lake Park, the City of Lewisville’s 662-acre lakefront park located roughly half a mile from the center. The park features two golf courses, a marina, boat ramps, an RV campground, and swim beaches, contributing to sustained traffic in the immediate area. This location context, combined with the center’s anchored retail format and planned upgrades, frames the asset as a stabilized neighborhood retail property with potential for incremental value through repositioning and leasing execution.
