Vista Ridge Mall to be auctioned online

June 30, 2017

If discussions on social media are any gauge, Lewisville Texans have their ideas on what needs to happen with the Vista Ridge Mall in Lewisville. If you can get your hands on $4.5 million and some change, you might be able to own it and give your ideas a try.

The mall goes on the auction block Sept. 25-27 through online real estate auction firm Ten-X Commercial.

In April, 2016, the mall’s owner Rouse Properties, Inc. missed the $64.6 million balloon payment due to its bank, resulting in the mall going into receivership.  It wasn’t the mall’s first time in trouble — its previous owner went bankrupt in 2009.

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Vista Ridge Mall sold at Auction, buyer and price not yet disclosed

Sept. 28, 2017

With a new owner soon to take over, Vista Ridge Mall may see investment and new direction to revitalize the nearly 30-year-old retail center.

The property was sold at auction Sept. 27 for an undisclosed amount. Lewisville Chamber of Commerce President Ray Hernandez said that his sources told him it sold for more than was expected.

The auction was held online by Ten-X Commercial, which required a minimum bid of $4.5 million.

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Say ‘hello’ to Music City Mall at Vista Ridge

Nov. 2, 2017

As of Tuesday, Lewisville’s Vista Ridge Mall officially has new owners with big plans to turn it around.  Those plans include a name change to Music City Mall at Vista Ridge.

The mall was purchased at auction in September.  The new owner is Odessa businessman John Bushman’s family-owned Investment Corporation of America.  The property becomes ICA’s second mall.  ICA owns the Music City Mall in Odessa, a city in the West Texas oil patch with a population similar in size to Lewisville.

Richard Morton is the mall’s new general manager.

Morton said that ICA bought the mall with cash, and will continue to operate it as a mall, working to fill up the vacant spaces with merchants, and bring in more shoppers.  The mall is currently 72 percent occupied, with several new stores recently opened or in the process of opening.  Morton wants that number to be 100 percent.

The new owners have experience in that area, having turned around their mall in Odessa. “When ICA Properties took that mall over they probably had about a 60 percent vacancy rate and now they’re full,” Morton said.  “ICA Properties has a great track record of turning properties around, and that’s the goal for Vista Ridge.”

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