Grapevine-based 2GR Equity, a real estate investment firm, said it has acquired equity interests on about 73 acres of undeveloped land along the Chisholm Trail Parkway in far southwest Fort Worth.
2GR said it acquired the interests from an unnamed, out-of-state firm which provided equity to Dallas-based Legacy Capital when it bought the land in 2006 and 2007. The company said the deal represents its first land investment and first joint venture with Legacy Capital. Terms of the deal were not disclosed.
“The unfortunate circumstance of the previous equity partners provided 2GR with an opportunity to step in and reap the benefits of all that has been accomplished since the property was originally acquired in 2006,” said Isaac Gregory, 2GR’s principal and co-founder, in a statement.
The land is located at the northwest, northeast and southeast corners of Chisholm Trail Parkway and Sycamore School Road, as well as the northwest and southwest corners of Summer Creek Drive and Sycamore School Road. The property is zoned for commercial and multifamily uses.
The 27-mile Chisholm Trail Parkway that connects Cleburne into downtown Fort Worth is scheduled to open in 2014.
2GR, originally SQN Realty Finance, said it has provided $75 million in joint venture financing since March 2011.