The Georgetown Company
The Georgetown Company has acquired Waterside, a 12.6-acre grocery-anchored retail center in southwest Fort Worth, from Trademark Property Company.
Terms were not disclosed.
Waterside’s more than 157,000 square feet of retail space is currently 98% leased and is anchored by Whole Foods. Other retail tenants include REI, Tricky Fish and First Watch.
The retail center sits within the broader 62-acre Waterside community developed by Trademark, which features more than 550 multifamily rental homes, a Residence Inn, townhomes, and office space.
"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 statement.
Trademark's other Fort Worth developments include WestBend, Alliance Town Center, 5000 S Hulen, Anthem (Arlington), and The Vickery currently under construction.
"Something that stands out about this project is the stakeholder collaboration that ultimately made Waterside possible," Montesi said. "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."
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, founded in 1978, is headquartered in New York City and currently owns and is developing properties in New York, Los Angeles, Chicago, Columbus, Ohio, Boston, and Washington, D.C.
Georgetown led the development of Easton Town Center in Columbus, which has become one of the nation’s leading urban retail centers with 12 million square feet of mixed-use space, including best-in-class retailers, Fortune 500 corporations, the market’s top-performing hotels and hundreds of homes, according to the firm.
“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 Georgetown company managing principal Jonathan Schmerin. “We also want to commend Trademark for their outstanding work in developing this high-quality property and in fostering the growth of the surrounding community.”
JLL Capital Market’s Investment and Sales Advisory team representing Trademark in the transaction was led by Chris Gerard and Barry Brown, senior managing directors; Erin Lazarus, director; and Andrew Griffin, analyst.
"The sale of Waterside represents the strong demand for core grocery-anchored retail in high-growth submarkets in Texas,” Gerard said. “We saw significant interest from institutional investors as well as private capital, representing a diverse and deep buyer pool.”
Demand continues to rise for these opportunities as capital seeks well-performing grocery-anchored retail in thriving submarkets, Brown said.