A property in Keller has been taken off the market and is slated to be used for a Center Stage Project that’s underway.
According to the Dallas Morning News, the construction will span 38 acres just north of Fort Worth at U.S. Highway 377 and Mount Gilead Road. Irving’s Realty Capital Management bought the site from Hanover Property Company, and will reportedly use it for both commercial and residential spaces.
While COVID-19 threatened to press pause on the sale indefinitely, the transaction moved forward.
“We have definitely encountered some obstacles in closing this deal due to the COVID-19 crisis," Realty Capital Management managing partner Jimmy Archie told the newspaper. "Our original equity partner backed out of the deal a week prior to closing due to fears surrounding the uncertainty of the economy. We were forced to quickly pivot and find a new equity source.”
Texas Bank Financial funded the project along with a handful of investors. Some of the site’s neighbors tout major companies like Charles Schwab’s latest headquarters and others.
Alerts Sign-up