Georgetown Company’s retail portfolio received a Texas-sized boost following its acquisition of a Whole Foods-anchored shopping center in southwest Fort Worth.
The New York developer purchased the 12.6-acre Waterside retail center, at 3798 Bryant Irvin Road, the Dallas Business Journal reported. The seller was Fort Worth-based Trademark Property Company, which is redeveloping the Lincoln Square shopping center in Arlington.Â
Trademark was represented by JLL Capital Markets brokers including Chris Gerard, Barry Brown, Erin Lazarus and Andrew Griffin. The purchase price was not disclosed. The 157,000-square-foot shopping center is 98 percent leased with tenants such as REI and Tricky Fish.Â
The acquisition is part of Georgetown Company’s broader strategy to expand its grocery-anchored retail holdings, now valued at over $275 million. The firm, led by CEO Adam Flatto, has built a portfolio across several major markets, including New York, Los Angeles and Washington, D.C.
The firm’s acquisition bolsters its presence in the highly competitive Dallas-Fort Worth market, which dominates the grocery-anchored retail sector. Nearly half of the 1.5 million square feet of retail space delivered last year was dedicated to grocery stores in DFW, with 2.7 million square feet of construction and absorption projected for 2025, according to Weitzman.Â
The Fort Worth shopping center is part of Trademark’s larger Waterside development, which spans 63 acres and includes 550 apartments, office space and a hotel. Since opening in 2016, the project has contributed significantly to the growth of the surrounding community.Â
The development is located on the scenic Trinity River and near the Chisholm Trail Parkway, one of Fort Worth’s most-active corridors for residential and retail growth.Â
Grocery-anchored centers reached a record 96.4 percent occupancy last year. Weitzman officials anticipate another strong year, with grocers driving occupancy to 95.6 percent.Â
— Andrew Terrell
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