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Real Deals: Fort Worth investor has big plans for West 7th property

🕐 4 min read

Fort Worth Business Press obtains some of its Real Deals content through a partnership with Xceligent Inc., a commercial real estate research firm.

A West Seventh district property has been acquired by a Fort Worth real estate investor who is planning a dining and entertainment venue for the location.

The property at 2818 Morton St. includes a vacant, 8,060-square-foot two-story office building on a 13,000-square-foot lot. It was most recently the location of Inkwell Graphics.

Investor Allan Meyer envisions a multi-concept venue featuring indoor, outdoor and rooftop amenities in the remodeled building.

“For me, this was a real estate grab,” said Meyer, chairman of locally based May Group International and managing partner of RR Morton LLC, the buyer of record.

“There are not many properties that come on the market in West 7th,” he said in a statement.

Though not a restaurateur, Meyer has industry contacts that be believes can create a destination concept featuring eclectic dining space, craft cocktail lounge, rooftop bar and one of the West 7th development’s largest green spaces for live music and other outdoor functions.

Richard Allen of Dallas-based Cafe Build is spearheading design and construction of the as-yet-unnamed venue. Construction is expected to begin soon and be completed by early 2017.

“This is one of the last pieces of real estate in West 7th that hasn’t been redeveloped or sold for redevelopment. This is a good opportunity for upside in a real estate investment,” said Theron Bryant, principal of Coldwell Banker Commercial Alliance DFW and head of its Fort Worth office, commenting in a news release. Bryant represented the buyer.

VILLAS AT EDGEWOOD SOLD

Villas at Edgewood Apartments in Fort Worth has been sold to a limited liability company. The 72-unit property is at 501 South Edgewood Terrace.

Trey McGhin and John Barker of Marcus & Millichap Real Estate Investment Services’ Fort Worth office marketed the property on behalf of the seller, a limited liability company. The buyer also was secured by Barker and McGhin.

The Villas comprises 12 two-story residential buildings. The complex has undergone several improvements and upgrades since being acquired in 2013.

BUILDING IN BEDFORD SOLD

A 10,127-square-foot retail building at 1401 Brown Trail in Bedford has been sold. NT&T Investment LLC bought the property from Lolla M. Page and Austin Trust Co.

Clint Montgomery of SVN / Trinity Advisors represented the seller. Robin Francis-Baker, also with SVN, represented the buyer.

S. ARLINGTON RETAIL SITE

SOLD TO DALLAS INVESTOR

Center Street East Shopping Center has been sold to a Dallas investor. The 14,114-square-foot retail property at 457 E. Interstate 20 in Arlington

is 100 percent occupied and anchored by Gander Mountain outdoor specialty store. Other tenants include Andalous Mediterranean Grill, Eva Nails Spa and Snuffer’s Restaurant & Bar, all of which have committed to long-term, triple-net leases.

.Philip Levy of Marcus & Millichap Real Estate Investment Services’ Fort Worth office and Blake Burnett of the firm’s Dallas office marketed the property for the seller, Robert Dorazil and David Dunning of United Commercial Development. The buyer, a Dallas investor with international partners, also was procured by Levy and Burnett.

The retail strip was developed in 2015 by United Commercial and Gander Mountain.

SITE TO BE ARLINGTON ARBY’S

Turbo Restaurant Management LLC has purchased 1.5 acres at 8200 Matlock Road in Arlington for a future Arby’s restaurant. Mark Sullivan of Ritter and Associates Real Estate LLC represented the seller and John T. Evans Co. represented the buyer.

LEASES

AT&T has leased 2,484 square feet at Arlington Town Centre, 4100-4178 S. Cooper St. in Arlington. Ryan Smith and John Rutledge of Venture Commercial-DFW represented the landlord.

Studio Movie Grill has leased 45,000 square feet at Lincoln Square, 1500 N. Collins St. in Arlington. Chris Young of RioCan Real Estate Investment Trust represented the landlord.

Birraporetti’s has leased 5,600 square feet at Lincoln Square, 1500 N. Collins St. in Arlington. Chris Young of RioCan Real Estate Investment Trust represented the landlord.

Louie Louie’s Dueling Piano has leased 5,435 square feet at Lincoln Square, 1500 N. Collins St. in Arlington. Chris Young of RioCan Real Estate Investment Trust represented the landlord.

Renhack Marketing Services Inc. has leased 22,708 square feet of office space at 752 Port America Place in Grapevine from Prologis Targeted US Logistics Fund LP. Matt Heidelbaugh and Gary Collett of Cushman & Wakefield represented the tenant.

Rifle Distillery has leased 4,500 square feet at 539-541 Industrial Blvd. in Grapevine. Tim Lancaster of TLC Realty represented the landlord.

DecoCrete has leased 13,250 square feet at Prologis Port America 18, 754 Port America Place in Grapevine. Gil Stroube and Oscar Couto of Lincoln Property Co.-Dallas represented the landlord.

Azure Dental has leased 2,000 square feet at Town Center Colleyville, 5501-5701 Colleyville Blvd. in Colleyville. Easley Waggoner and Amy Pjetrovic of Venture Commercial-DFW represented the landlord.

Integrated Digital Solutions has leased 1,820 square feet at Prologis Port America 18, 754 Port America Place in Grapevine. Gil Stroube and Oscar Couto of Lincoln Property Co.-Dallas represented the landlord.

Dealer Products has leased 21,784 square feet at 1122-1130 W. North Carrier Parkway in Grand Prairie. Kacy Jones, Steve Koldyke and Wilson Brown of CBRE-Dallas represented the landlord.

Global Trade Management has leased 20,007 square feet at 1330-1358 W. North Carrier Parkway in Grand Prairie. Kacy Jones, Steve Koldyke and Wilson Brown of CBRE-Dallas represented the landlord.

Signs Up has leased 4,246 square feet at Trinity West Business Park, Building 1, 2550 114th St. in Grand Prairie. Jim Ferris and Michael Spain of Bradford Commercial Real Estate Services-Greater Southwest Office represented the landlord.

Send real estate news to lgraham@bizpress.net

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