2GR Equity, a Grapevine-based real estate investment firm, announced on Dec. 27 the company is making an equity investment into a joint venture with Dallas-based Paravest Capital and StreetLevel Investments, also of Dallas. On Dec. 13, the newly-formed joint venture acquired approximately 35 acres of land on the southeast corner of the Chisholm Trail Parkway and McPherson Road in Fort Worth to make way for an approximate 215,000 square foot retail power center that will also include eight (8) retail pad sites. The project, known as The Shops at Chisholm Trail Ranch, is located within the 600-acre master planned community known as Chisholm Trail Ranch, which, upon completion, will feature over 1 million square feet of retail and commercial space, as well as approximately 1,000 homes.
As the project’s developer, SLI will be responsible for overseeing the construction of the project, which is expected to break ground by the end of 2018 and deliver during the first half of 2020. Numerous national retailers include Marshalls, Old Navy, Tuesday Morning, ULTA, Famous Footwear, Five Below, Sprint and AT&T. The project was approximately 70 percent pre-leased at time of land acquisition.
2GR Equity Principal and cofounder, Isaac Gregory, believes the pre-leasing component and residential growth along the
CTP made this project viable:
“In today’s market, it’s pretty rare to have this level of pre-leasing from credit tenants in place prior to breaking ground. We are excited to partner with Paravest and StreetLevel on what will become the first retail power center development on The CTP south of Interstate 20.”
Dallas/Fort Worth based Edge Realty Partners has been awarded the management and leasing assignment. The Dallas office of Inwood National Bank provided the construction loan.
