Real estate investment firm 2GR Equity LLC of Grapevine has formed a joint venture with Dallas-Fort Worth developer Legacy Capital Co. in the purchase of 4.18 acres in Fort Worth. The property is located on the northeast corner of East Belknap Street and OakHurst Scenic Drive and overlooks the Trinity River at Riverside Park. The property currently houses the Smoke Pit BBQ restaurant, several automotive-related businesses and a vacant building and land available for lease.
Terms of the transaction were not disclosed. This is the second investment in the past year 2GR Equity and Legacy Capital have made in the Fort Worth market. In November 2013, the two firms partnered on a recapitalization of an existing partnership owning 72.6 acres at Sycamore School Road on the new Chisholm Trail Parkway. This is the 13th transaction closed by 2GR Equity since its formation in March 2011, according to a company news release. The firm has now provided joint-venture equity on commercial real estate transactions representing $100 million in total capitalization.
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