Crockett Row, a 282,334-square-foot urban village covering five blocks of Class A retail and office space just west of downtown Fort Worth, has been acquired by Younger Partners Investments, the Dallas-based company announced Tuesday (Aug. 9).
Located at the southeast corner of University Drive and West 7th Street near the city’s Cultural District, Crockett Row was developed in 2009 as part of the burgeoning West 7th area.
Terms of the purchase were not disclosed.
Younger Partners will handle property management and leasing of the property, the company said in a news release. Crockett Row’s overall occupancy at the time of closing was 74.6 percent, the release said, with current tenants including Movie Tavern, LA Fitness, Fidelity Investments, PMG and Common Desk.
Co-Managing Partners Kathy Permenter and Moody Younger and YPI Managing Director Micah Ashford represented the buyer in the acquisition. Financing was arranged by Adam Mengacci of Hamilton Realty Finance. Mark Sloan and Jacob Dow at Holland & Knight provided legal representation.
“Crockett Row has it all,” said Ashford. “Visitors can park, walk, shop, play, dine, see a movie and have a cocktail at the property.”
The new owner has plans to freshen the property’s brand and to make improvements to enhance customer experience through the addition of gathering spaces, parking technology to help locate open spaces, improved signage and additional elevators, according to the release.
“We also plan to work with the city to enhance accessibility throughout the property,” said Moody Younger.
Permenter said Crockett Row “was a target investment for us because of its strong supporting demographic and iconic location in the Cultural District, next to some of Fort Worth’s most affluent neighborhoods. The amount of tenant interest in this neighborhood has already far exceeded expectations.”
Crockett Row is expected to benefit from upcoming developments to the area, including Crescent-Fort Worth, which in mid-2023 will add 200 luxury hotel rooms, 170,000 square feet of office space, and 170 luxury residential units within a block of the property. Directly across the street from Crockett Row, the Van Zandt development will feature 147 multifamily units, 100,000 square feet of office and 11,000 square feet of retail.
Younger Partners Investments is a full-service boutique commercial real estate firm providing investment, leasing, and management services to investors and tenants in the Dallas/Fort Worth region. The company specializes in the acquisition and disposition of land, multifamily, office, industrial and retail properties. For more information, visit the company’s website.