FORT WORTH – A group of established investors in the Fort Worth Stockyards has acquired a prime piece of commercial real estate in an all-cash transaction, making the close in three weeks to beef up its holdings in the city’s top tourist attraction.
The investment group’s newest asset is a 4,650-sf store at 2405 N. Main St., which is net-leased for the long term to Boot Barn Inc. Todd Lambeth, executive vice president and managing partner in the Fort Worth office of Dallas-based Bradford Commercial Real Estate Services, represented the buyer, Stockyards BB LLC.
“We swooped in under the radar with an attractive price. We went firm Day One on the earnest money,” Lambeth says. “The seller had no doubt in our ability to close the deal.”
Lambeth says he contacted his investment client as soon as he saw the listing for the high barrier-to-entry offering. “It’s rare to see a property for sale in the Stockyards. It’s even hard to find spaces to lease in that area,” he says.
Daniel Poku and Sabrina Sapienza of SRS Real Estate Partners represented the seller, TEH Fort Worth LLC, which had operated a western wear shop at the location for years. The former operator leased the store to Boot Barn a few months ago and then opted to sell the property.
Built in 1916 and most recently renovated for the new occupant, the retail building is situated on a 0.20-acre tract in the heart of a destination that draws roughly 11 million visitors each year. Boot Barn’s next-door neighbors are two top attractions – Downtown Cowtown at the ISIS and the Stockyards Saloon.
Boot Barn reportedly had been eyeing a Stockyards location for some time, finding its inroad with a former vendor. The publicly traded company, with 412 stores in 46 states, inked a 10 -year net lease with renewal options for the prized site.
“The Stockyards is a hot commodity right now, thanks to the movie industry and future development plans,” Lambeth says.
A $1 billion expansion, slated for completion in 2032, has been charted for the Stockyards, part of which has been finished. Fort Worth’s economic development department estimates the first of three phases has increased the corridor’s land value to $225 million.
The $200 million Phase I focused on Mule Alley and the 200-key Hotel Drover. The second phase, which has yet to get underway, calls for improvements to Cowtown Coliseum and facilities for the Fort Worth Herd. Future construction also includes 300,000 sf of additional commercial space, another 500 hotel rooms, a 295-unit multifamily project and 1,300 below-grade parking spaces.
The Stockyards, as movie buffs are aware, has appeared in countless films and television shows, including Taylor Sheridan’s epic Yellowstone, Landman, 1923 and 1883 sagas. The Texas House and Senate are pushing through legislation to further incentivize production in the Lone Star State, a move that has the backing of Texas natives like Sheridan, Dennis Quaid, Matthew McConaughey and Woody Harrelson.
“The Stockyards has always been a popular attraction, but the film industry is really putting it on the map,” Lambeth emphasizes.
