DALLAS--HFF has announced that it has secured joint venture equity for the development of Waterside, a $75-million, Whole Foods Market-anchored mixed-use development to be located in Fort Worth.
HFF worked exclusively on behalf of the developer, Trademark Property Co., in sourcing the capital from Sarofim Realty Advisors. Equity proceeds will be used to develop the first phase of the project. Separately, HFF represented Trademark in the sale of 5.08 acres of land to a venture between Transwestern Development Co. and a private real estate fund advised by CHC–Real Estate for the Waterside multi-housing development.
Waterside, a mixed-use development that will be located on 52 acres at the intersection of Bryant Irvin Road and Arborlawn Drive on the former Lockheed Martin Recreation Association site, will feature 1.5 miles of Trinity River waterfront and is part of the first phase of Waterside development that will include 190,000 square feet of retail space and riverside restaurants. The 45,000-square-foot store will be the first Whole Foods in Fort Worth. The remaining phases will include 20-30 acres of multi-housing units, 140,000 square feet of office space and a hotel.
Associate director Jim Curtin and senior managing director Trey Morsbach led the HFF equity placement team representing the developer. Senior managing directors Roberto Casas and Bill Miller and associate director Greg Toro led the HFF investment sales team representing Trademark in the land sale.
According to HFF, the land sale “represents a great opportunity for Transwestern to be part of one of Fort Worth's most exciting mixed-use developments which includes Fort Worth's first Whole Foods.”
Reps with HFF were unable to offer more details about the transaction by press time.
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