FORT WORTH-Stratford Land has teamed with Legacy Capital Partners Ltd. to acquire 625 acres in southwest Fort Worth.
The venture purchased the acreage for an undisclosed amount, but local experts say the land sold for more than $20 million. The sale is the largest land sale in the city over the past 12 months, according to Lester Day, the broker who represented the seller, Four Star Development Co.
The land, which is located at the future interchange of Southwest Parkway (121 Tollway) and McPherson Boulevard, is zoned for a mix of uses including residential, multifamily, retail and commercial use. The 26-mile tollway will connect downtown Fort Worth to southwest Fort Worth and ultimately Cleburne.
“We’ve known about this land and been interested in it for 15 years, but it was completely inaccessible,” says Steve Sanders, director of Texas investments for Stratford Land. “We thought that if the [121 Tollroad] were ever extended, this would be the best piece of land we could own.”
The partnership put the acreage under contract in February 2010, structuring the contract so the closing was contingent on the construction of the 121 Tollroad, Sanders tells GlobeSt.com. Southwest Parkway is currently under construction and is scheduled for completion in late 2013.
“While we’re waiting on the Tollroad to be finished, we will spend the next two years focused on entitlements, land planning and utilities,” Sanders says, adding that the company plans to sell off parcels to multiple developers.
Legacy Capital will serve as the general partner for the joint venture. The new acquisition is the second significant investment it has made along the Southwest Parkway corridor. In 2007, Legacy purchased 106 acres at Southwest Parkway and Sycamore School Road and has already sold 12 acres of that property to the Fort Worth “T” for a Park and Ride facility and a future rail station for the planned SW2NE Rail line scheduled to open in 2014.
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