Fort Worth Magazine
North Texas-based M2G Ventures announced on Thursday that it had sold The Foundry District, the mixed-used development in Fort Worth’s Cultural District to Asana Partners.
Cushman & Wakefield’s Chris Harden and Kris Von Hohn brokered the transaction, according to M2G Ventures.
“The Foundry District is a wonderful strategic fit for our portfolio of neighborhood mixed-use properties in dynamic locations,” says Brad Kantrowitz, director at Asana Partners, in a statement. “This project has a reputation for bringing the best that Fort Worth has to offer into one central location, including art, amenities, and a compelling mix of local tenants.”
Named the Foundry for its industrial roots, this six-acre adaptive reuse district features 98,000 square feet of redeveloped mid-century warehouses and is anchored by Inspiration Alley, Texas’ largest outdoor art gallery.
M2G Ventures acquired the property at 200 Carroll St. and redeveloped the space into showrooms, creative offices, curated amenities and food and beverage spaces over a five-year span, beginning in 2015.
The Foundry District is the latest North Texas acquisition for Asana Partners. The company also owns 43 buildings in Deep Ellum, more than 400,000 square feet of commercial space in Victory Park, and The Hill shopping center in Dallas.
“Asana Partners’ track record of investing in experiential destinations like The Foundry District makes them the ideal ownership group for this property,” says Susan Gruppi, co-founder of M2G Ventures. “They share the vision we have for what had been an underutilized industrial pocket that is now a part of Fort Worth's foundational culture. We look forward to watching them continue to invest in and build on the inspiring momentum of the district.”
From its early stages, the Foundry became a beacon for innovative businesses and patrons seeking something new. The Foundry District is 95% leased, including two new tenant announcements.
- An undisclosed iconic Dallas-based Tex-Mex concept signed a lease to open its first Fort Worth location in 4,008 square feet at 2700 Weisenberger St. at a later date.
- Bumble Bee Yoga, a not-for-profit yoga studio is anticipating a December opening in 2,400 square feet at 2712 Weisenberger St.
The recently signed leases join tenants such as Blackland Distillery, Maple Branch Craft Brewery, GL Seaman & Compnay, Thirty Eight & Vine, and Doc’s Records & Vintage.