Trademark Property Co. has sold part of its ownership stake in the shopping center at Alliance Town Center in north Fort Worth to the real estate investment arm of global investment management firm Invesco Advisers.
Trademark, a Fort Worth-based developer, said it will continue to lease and manage the shopping center, anchored by Best Buy, Belk and JCPenney.
Trademark entered into a joint venture with Hillwood, developer of the 18,000-acre AllianceTexas project in far north Fort Worth, nearly a decade ago to develop the shopping center at the southeast corner of Interstate 35W and Heritage Trace Parkway.
Bill Burton, senior vice president of Hillwood, said Trademark’s work to develop that portion of Alliance Town Center is completed, but Trademark remains a partner.
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“We’re all three partners,” Burton said. “Invesco Real Estate is an outstanding group, very smart and committed long term. To have them want to invest in the Alliance program is great. It’s positive.”
Bill Hensel, an Invesco spokesman, said in a statement, “Invesco was pleased to partner with Hillwood and Trademark on what we believe to be the dominant retail hub and center serving the dynamic north Tarrant County corridor anchored by the Alliance master-planned community."
Invesco bought the property under the entity ATC Investors LP. The deal closed Dec. 18, deed records show.
Alliance Town Center is a 900-acre section of AllianceTexas. In addition to the shopping center, it has multifamily communities and other uses, including two hospitals — Texas Health Harris Methodist Hospital Alliance and HCA Medical Center at Alliance — the new southwest headquarters for the Federal Aviation Administration and a multitenant office building.
Cook Children’s Medical Center has bought land there, and construction has begun on a Marriott Hotel. Space for other shops and restaurants is also planned.
When completed, Alliance Town Center will have 1.3 million square feet of retail, restaurants and entertainment, of which 1.1 million square feet is completed. It is currently 97 percent leased. The shopping center opened in 2007.
Locally, Trademark is currently involved in developing the mixed-use Waterside project at the site of the former Lockheed Martin Recreation Association, at Bryant Irvin Road and Arborlawn Drive in southwest Fort Worth, and WestBend office and retail center on University Drive, just south of Interstate 30.
Sandra Baker, 817-390-7727