Wednesday, June 10, 2015

Exclusive: Victory Real Estate Group to build $100M retail project in north Fort Worth

An Irving-based developer plans to begin work on a $100 million retail-anchored development after snapping up 22 acres of land in the growing north Fort Worth market.
The development firm, Victory Real Estate Group, plans to bring hundreds of thousands of square feet to the region at Heritage Trace Parkway and Interstate 35W, Tony Ramji, the firm's president and CEO, told the Dallas Business Journal in an exclusive interview.  
"We are talking to two 100,000-square-foot-plus users for that site," Ramji told me. "We have potentially three junior box retailers and intend to have about 70,000 square feet of retail with some medical center. 
"We are also in talks with two full-service hotels in the market," he added. 
Ramji is scheduled to close on the acreage by mid-June. David Davidson Jr. and Edward Bogel, previously of Dallas-based Venture Commercial, represented Victory Real Estate Group in the deal. Davidson and Bogel recently started their own company, Davidson and Bogel Real Estate.
Ramji declined to disclose the names of the retailers he's looking to attract to the north Fort Worth project, called Victory at Alliance. The development is one of 15 projects the firm has underway.
"We are focused on restaurants and furniture retailers on the pad sites," he told me. "We think there's an opportunity to land a couple of retailers with the high visibility on Interstate 35W."
The growth of residential homes along the Interstate 35W corridor in north Fort Worth will help support the new retail development, including Hillwood Communities' $1 billion, 1,150-acremaster-planned development called Harvest.
The north Fort Worth submarket has been an attractive market for retail development, said Ramji, who had been looking for the site for about three years. 
"I always compare the Alliance corridor to the Nebraska Furniture Mart corridor," he told me. "That type of activity has been missing even though the interest has been there."
Clay Moore Engineering Inc. was hired to work on Victory at Alliance. Construction is scheduled for completion by fall 2016.  
Candace Carlisle/ Dallas Business Journal