Business

EECU planning new operations center and north Fort Worth branch

EECU will renovate the former Jahns Supply site into an operations center.
EECU will renovate the former Jahns Supply site into an operations center. Hand out/EECU

Fort Worth-based EECU is expanding and has started some projects that could result in as many as 250 new jobs for the credit union.

The projects include a new operations center and a new branch location, its 14th, in far north Fort Worth, said Lonnie Nicholson, EECU’s president and CEO.

In November, the EECU sold its property at 1120 Summit Ave., the former Fort Worth Telco Credit Union branch. The 7,450-square-foot branch was acquired in EECU’s merger with Fort Worth Telco in 2103. Since then, EECU has housed part of its operations. The credit union has outgrown the building, which sits on a 1-acre site.

A year ago, EECU bought the 37,500-square-foot building at 2532 Cullen St., the former Jahns Supply Co. warehouse, where it plans a renovation that will relocate about 100 employees from its operations on Summit Avenue in late spring. The space, though, will allow for significant expansion and the addition of more than 250 jobs in coming years, Nicholson said.

The building is on the northeast corner of Cullen and Vacek streets, north of White Settlement Road.

“This project will allow EECU to bring together multiple specialized departments currently operating in different locations,” Nicholson said. “The property is located on the edge of the Panther Island/Central City development currently in progress, and will support the revitalization of a new business and residential district in the heart of the city. The location was chosen not only because it offered ample space for EECU’s growth and operations, but also in support of this exciting growth and development period as a city.”

EECU sold the Summit Avenue property to a Fort Worth entity called 1120 Summit Llc. Kirk Kelly with Transwestern represented the EECU.

The credit union last year also bought a site at 3451 Texas Sage Trail in Hillwood’s Alliance Town Center for its 14th branch. Cost of construction will be about $750,000, according to a permit filing.

The branch, to be called its Heritage Trace branch, will offer new methods of banking, including virtual and self-service options, the credit union said. The credit union said it has several thousand members in the Alliance area.

1120 Summit Ave. Llc. is managed by J. Chance Smith with Smith-Thomas Investments, according to deed records.

Dallas investors buy Baylor site in southwest Fort Worth

Dallas-based Rainier Realty Investments has bought an 18-acre site at 7100 Oakmont Blvd. in southwest Fort Worth, where it plans to develop the former hospital property for restaurants, shops, office and medical and specialty uses.

The property is the former 120,000-square-foot Baylor Medical Center, a 71-bed hospital in southwest Fort Worth that the Baylor Health Care System closed in 2012. The hospital said it was losing money and admitting only five to 10 patients a day.

The property was once known as All Saints Cityview. Baylor Healthcare acquired All Saints Health System hospitals in 2002.

“This site is one of very few campus opportunities in the region offering such visibility and access within a major market,” Rainier Principal Rob Jones said in a statement. “The submarket is currently underserved for quality retail, restaurant and office spaces, and we believe there are exceptional opportunities for this site.”

Rainier financed the deal with a $4.3 million note with Inwood Bank, according to deed records.

Bob Scully and Nanci Johnson-Plump of CBRE represented Rainier. Rainier is involved in more than 100 commercial real estate projects in Texas and the Southwest.

Construction to begin on Pinnacle Bank Place

Construction is expected to begin soon on the long-planned 160,000-square-foot apartment and retail building on Lancaster Avenue downtown now that development agreements are signed.

Pinnacle Bank and the city have been working on the $19.7 million project for many months. Pinnacle Bank Place is slated to be completed in early 2016.

Pinnacle has agreed to loan the Fort Worth Local Development Corp. $16.5 million to construct the building, between Jennings Avenue and Throckmorton Street. The ground floor will have retail space, including a bank location, and apartment management offices. The four floors above will include 130 apartments.

Pinnacle Bank has also agreed to buy 8,500 square feet of the west side of the building for a full-service branch. The project also includes a parking garage.

Transactions

1732 E. Hicks Field Road, Fort Worth

North American Carriers Properties has bought a 1,650-square-foot office building on 4.5 acres from Hong Rajavong. Sarah LanCarte and Todd Hawpe of Transwestern represented the seller. Kevin Archer and Max Schwartzstein of Providential Realty Partners represented the buyer.

2201 Dottie Lynn Parkway, Fort Worth

Campo San Antonio bought a 15,052-square-foot building from the Odyssey Group. Colt Power of NAI Robert Lynn represented the seller. Moore Matthews of KW Commercial represented the buyer.

5608 Malvey Ave., Fort Worth

Heart to Heart Hospice has leased 6,044 square feet of office space. Colt Power of NAI Robert Lynn represented the tenant. Michael Berkowitz of Colonial Commercial represented the landlord.

8605 Airport Freeway, North Richland Hills

Guardian Force Security Service has bought a 5,862-square-foot office building from Herman Smith & Co. Jeff Givens and Tracy Georges of Transwestern represented the seller.

Sandra Baker, 817-390-7727

Twitter: @SandraBakerFWST

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