FORT WORTH – In an all-cash transaction, a private investor from North Texas has sold a 5.2-acre prime development site in Fort Worth's Eastchase submarket to a townhome developer.
The acreage is located at 8661-8689 John T. White Rd. at its hard corner with Eastchase Parkway, less than a half mile north of a major Interstate 30 interchange. The neighborhood includes densely developed multi- and single-family developments, including a new DR Horton community, as well as a Walmart supercenter, Sam's Club and Lowe's Home Improvement store. More than 100,000 vehicles pass the site each day.
Erik E. Blais, first vice president in the Fort Worth office of Dallas-based Bradford Commercial Real Estate Services, represented the seller, Morteza Naghavi of Frisco, in a direct deal. The buyer is Mmarooful H. Choudhury, also a private investor from North Texas.
The site – zoned neighborhood commercial – has been on the market roughly two years. During that timeframe, two other contracts fell out because of local resistance to prospective buyers' plans for commercial developments.
"It makes the most sense to develop it as residential, given the overall market and demand for housing in the region," Blais says. "The buyer met with surrounding homeowners' associations to gauge support during the due diligence period."
The acreage boasts 305 feet of frontage along Eastchase Parkway and 240 feet along John T. White Road. From a development perspective, the site is strategically situated midway between Fort Worth and Dallas.
"Coming out of the pandemic, the developer needed to be someone who was able to close and then go through the rezoning process," Blais says. "This buyer checked all the boxes and was able to move forward on the closing."