Smit Shah Of Blazing Hospitality Acquires 8.666-Acre Development Site In Fort Worth From Core Spaces
White Settlement Road
Building Size
35,070 SF
Asset Type
Development Site
Closing
Oct 15, 2024
AI
The property asset involved in this transaction is an 8.666-acre development site located at the southeast corner of Academy Blvd and White Settlement Rd in Fort Worth, Texas. The property encompasses a total square footage of 35,070 and is strategically positioned near Loop 820, surrounded by a robust retail presence including Walmart, Home Depot, Albertsons, Aldi, and Dollar Tree.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: Not specified
- Buyer: Smit Shah - Blazing Hospitality
- Seller: Matt Pagoria - Core Spaces
- Broker Representatives: Giancarlo Carriero, CCIM & Taylor Cluff - DuWest Realty
This transaction highlights the involvement of DuWest Realty, which successfully facilitated the sale between Blazing Hospitality and Core Spaces. Blazing Hospitality plans to develop a shopping center featuring multi-tenant retail buildings, along with standalone restaurant, retail, and service tenants, contributing to the growth of the West Fort Worth region.
Players
Fort Worth Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93