Albanese Cormier Holdings, a national commercial real estate investment company based in Beaumont, Texas, has acquired Renaissance Square at Berry Street and U.S. 287 in Southeast Fort Worth.
Hanley Investment Group Real Estate Advisors of Corona del Mar, California, represented the buyers in the deal for the 105,000 square foot regional shopping center owned by Moriah Real Estate Company of Midland, Texas.
The sale was announced in early July.
Renaissance Square was built on 20.67 acres at the old Masonic Home grounds in Southeast Fort Worth.
The center, home to a Walmart Supercenter – which was not part of the sale, was 98.5-percent occupied at the time of the purchase. Stores in the center include Ross Dress for Less, Marshalls, Shoe Carnival, It’s Fashion, Dollar Tree and Hibbett Sports.
The purchase also included an outparcel featuring Wingstop, Pizza Hut, Metro PCS and Legacy Texas Bank, Hanley Investment Group said in a news release.
Renaissance Square brought shopping and fresh food supplies to an area of Fort Worth long considered to be a food desert when it opened.
Additional development plans for the rest of the Masonic Home tract include apartments and other housing, with the first phase in the Columbia Renaissance Square Development completed in February.
The nearly $17 million three-story mixed-income apartment community is the initial development in a project by Atlanta-based Columbia Residential that seeks to include housing for low-income residents.
“Renaissance Square shopping center was an ideal fit for Albanese Cormier Holdings’ portfolio of quality assets,” Hanley Investment Group Executive Vice President Eric Wohl said in the news release. “It is a premier shopping center within the community and offers an excellent array of value-oriented tenants with strong upside potential through the development of excess land.”
Jeffrey Jackson, a senior associate with CBRE in Houston, represented the seller in the deal.
“Fort Worth is a highly sought-after submarket with growth projections outpacing many other U.S. markets,” Wohl said. “There are several new commercial developments in the immediate area and a strong pipeline of residential growth. The property’s diverse mix of national credit tenants, close proximity to highly trafficked U.S. Highway 287 and its ‘main and main’ location in Southeast Fort Worth make it an optimal long-term investment in today’s marketplace.”
Albanese Cormier Holdings is a national commercial real estate investment company holding roughly 5 million square feet of 78 assets in 22 states.
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6 billion transaction track record nationwide that works with individual investors, lending institutions, developers and institutional property owners.