Waterside, the Whole Foods Market-anchored 63-acre mixed-use project in southwest Fort Worth, has been sold by Trademark Property Co., in partnership with Swift Creek Partners.
New York-based The Georgetown Company has acquired the property. No sale price was announced.
The Georgetown Company currently owns and is developing properties in the Big Apple as well as Los Angeles; Chicago; Columbus, Ohio; Boston and Washington, D.C.
Located at Bryant Irvin Road and Arborlawn Drive with 1.8 miles of frontage along the Trinity Trails and the river, Waterside encompasses 157,791 square feet of retail and is currently 98% leased. The development includes more than 550 apartments, a Residence Inn, townhomes and one existing and one planned office building. Along with Fort Worth’s first and only Whole Foods Market, other retail tenants include REI, Tricky Fish, Piattello Italian Kitchen and First Watch.
Trademark began developing Waterside in 2013 on the former recreational site of General Dynamics, later known as the Lockheed Martin Recreation Association. Trademark positioned the property as an experiential development designed to build emotional connections by making customers feel connected to the space.
Dubbed “Conscious Place,” that philosophy attracted top retailers like Whole Foods Market and REI, which opened their first Fort Worth locations at Waterside in 2016. The estimated $185 million development received $18.5 million in tax incentives from the city of Fort Worth in 2014 to support the construction of bridges and roads in the project.
“Waterside was an incredibly rewarding project that challenged our team’s creativity in navigating the complexities of development, that, in the end, provided an excellent case study in creating places that inspire people to come together, spend time, and feel connected with one another,” said Terry Montesi, founder and CEO of Trademark, in a news release.
The project stands out because of the partnerships that made Waterside possible, Montesi added.
“It was an all-hands-on-deck effort with tenants, the city, development and financial partners, our neighbors, and many others all working together to create an inspired destination for the community,” he said.
Along with the retailers, Waterside includes amenities such as The Grove, a large gathering space with a community pavilion, locally made furniture and planters, heritage trees, bocce ball, cornhole, free Wi-Fi and play areas. Trademark has also invested in various sustainable features to enhance energy conservation and efficiency at the property, including a cistern.
Waterside also features public art by Texas artist Bob “Daddy-O” Wade and hand-tinted photographs from the site’s history as recreation facilities for employees at Convair, General Dynamics and Lockheed Martin.
The acquisition of Waterside marks a continued expansion of Georgetown’s grocery-anchored retail platform, which now exceeds $275 million in assets across six locations in four states. Georgetown recently led the development of Easton Town Center in Columbus, Ohio, which has become one of the nation’s leading urban retail centers with 12 million square feet of mixed-use space, according to the company.
“This acquisition is an exciting opportunity to continue expanding our grocery-anchored retail platform and we look forward to being a part of the vibrant Southwestern Fort Worth community,” said Jonathan Schmerin, Georgetown Company managing principal, in a statement.
Trademark’s mixed-use, retail and institutional services portfolio includes Galleria Dallas, Lincoln Square, Left Bank, WestBend, 5000 S. Hulen and Alliance Town Center in the Dallas-Fort Worth area. Trademark is also developing The Vickery, a multifamily-led mixed-use community located on 5 acres at West Vickery Boulevard and Hemphill Street.
JLL Capital Markets’ investment and sales advisory team represented Trademark in the Waterside transaction.
“The sale of Waterside represents the strong demand for core grocery-anchored retail in high-growth submarkets in Texas,” said Chris Gerard, JLL senior managing director. “We saw significant interest from institutional investors as well as private capital, representing a diverse and deep buyer pool for this quality asset.”
Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.