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TEXAS/SOUTHWEST NEWS
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De La Vega Group Buys 90-Acre Development Site in Fort Worth

10/04/16

A development partnership controlled by the De La Vega Group has acquired Presidio North, a 90-acre, retail development site in north Fort Worth, TX. We’re told the transaction represents the largest major retail development site sold year-to-date in Tarrant County in terms of acreage. The price was not disclosed.

Presidio North, located at the southwest corner of Interstate 35 West and Heritage Trace Pkwy, is situated in north Fort Worth's newest retail node. The site is near the popular Alliance Town Center, which is anchored by Best Buy, Dick's Sporting Goods and Cinemark Theater, as well as the newly completed Presidio Town Center, anchored by Costco, Target and Winco Foods.

Transwestern’s Steve Williamson represented the buyer and the seller, Las Vegas-based Diversified Real Estate Group, in the transaction. Transwestern has been retained to provide marketing and leasing services for the mixed-use project, which will be renamed The Citadel. De La Vega plans to develop 500k sf of retail, restaurant, hotel and entertainment space.

"We had several parties interested in this high-profile site, but De La Vega was the most qualified developer with the vision and financial capability to build a quality, innovative mixed-use project," said Williamson. "When De La Vega's project is completed, the total retail space built in the North Fort Worth submarket will exceed 2 msf."





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