The Lewisville Independent School District (LISD) is offering for sale 11 properties within the school district boundary that total approximately 251 acres. The properties are located in some of the fastest-growing suburbs in the Dallas-Fort Worth Metroplex, including Carrollton, The Colony, Lewisville, Flower Mound and Highland Village.
The properties, which range in size from ±3.5 to ±80 acres, are being offered individually, in groups or as an entire portfolio to qualified investors and developers.
Most of the properties are undeveloped, vacant parcels at infill locations in established neighborhoods and districts. Two of the properties include building improvements, such as the 23,000-square-foot former LISD Special Services Building located at 400 W. Main St. in Downtown Lewisville, which is immediately adjacent to Medical City Lewisville Hospital.
Sixty-two acres are located within the City of Flower Mound, which was named No. 16 on CNN Money Magazine “Best Places to Live” List in 2018.
The 11 parcels of land are located in sought-after, high-quality suburban areas within one of the best school districts in North Texas. On average, there are more than 200,000 residents within 5 miles of each site, with average household incomes of more than $118,000. All areas are experiencing explosive growth with high daytime population densities. Many of the properties are ideal for a range of uses, including various densities of residential, commercial and mixed use.
The portfolio has been deemed surplus property by the school district.
“Lewisville ISD is recognized for its dedication to resource stewardship and being fiscally conservative with taxpayer dollars,” LISD Superintendent of Schools Dr. Kevin Rogers said. “The district purchased most of these properties to prepare for anticipated growth. When it became apparent market conditions had changed and the properties were no longer needed, the district made the decision to sell the properties.
“Because bond funds were used to purchase these properties, any profits from the sale of the properties must go back into the district’s bond funds. LISD will be able to utilize the funds for bond-related projects.”
Cushman & Wakefield’s Maureen Kelly Cooper, Chris Harden, Ryan Duffie and Michael Thomas will market the portfolio.
“It is not often that an opportunity arises to be able to purchase this many prime sites in one of the best school districts in a northern Dallas suburb,” Cooper said. “Three of the sites are located less than a 15-minute drive to Legacy West/Shops of Legacy area, which has seen explosive development growth in recent years.”
“We anticipate strong interest from developers based on the school district, location to amenities such as Lake Lewisville and Lake Grapevine, and quick access to major freeways and Fortune 1000 corporate offices,” Harden added.