Carlyle Group Sells Fort Worth Mixed-Use
After a slowdown earlier this year, investment volume in the DFW Metroplex is bouncing back.
816 Foch St. Image courtesy of JLL.
The Carlyle Group has completed the sale of Crockett Row at West 7th, a five-block, 282,000-square-foot mixed-use development at 816 Foch St., in Fort Worth, Texas. The buyer was Younger Partners Investments.
A JLL Retail Capital Markets Investment Sales team, led by Senior Managing Directors Chris Gerard and Ryan Shore with Analysts Greyson Fewin and Pauli Kerr, oversaw the transaction, representing The Carlyle Group. The development sold for an undisclosed amount.
The deal marks The Carlyle Group’s second major transaction in the South this year, following its purchase of The Pavilion at Windy Hill, a 90,000-square-foot medical office in Atlanta, Ga.
Developed in 2009, Crockett Row at West 7th is part of the larger West 7th development, which includes 2,700 multifamily units, 1.2 million square-feet of office space and 1.1 million square feet of retail space. Crockett Row at West 7th includes an array of tenants, including Movie Tavern, LA Fitness and Social House. The complex is located within 1.5 miles of downtown Fort Worth and Texas Christian University, as well as the Westover Hills and Rivercrest Neighborhoods. The complex is 2 miles from Interstates 30 and 35W, offering access to the Greater Dallas-Fort Worth metropolitan area.
Dallas-Fort Worth sees incremental retail gains
The Dallas-Fort Worth retail market continues along a path of steady growth, with 2.4 million square feet of space under construction and 442,000 square feet completed, according to a second quarter 2022 CBRE report. The market is seeing a 94.5 percent occupancy rate, an increase of 1.7 percent from the first quarter, according to the same data.
The sale comes during a time of increasing commercial property investment in the Dallas-Fort Worth area in the second quarter of 2022, following a months-long lull in leasing and an increase in office vacancy rates. In the second quarter, the amount of traded square footage nearly doubled, with 8.9 million square feet changing hands, up 48.3 percent from the first quarter, according to CommercialEdge data.
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