FORT WORTH-LNR Property Corp. has exercised its option for another 141 acres of a 393-acre tract, commonly known as the Presidio. The just-closed deal puts the developer in control of 305 acres, with the 88-acre balance still up for grabs.

The mixed-use development site in North Fort Worth was marketed for $72 million or $4.25 per sf. The Newport Beach, CA-based LNR opted to take down the 305 acres in two stages, with the most recent closing delivering the frontage on the recently completed North Tarrant Parkway. “This property that they just bought controls all the frontage on North Tarrant Parkway,” says Steve Williamson, principal for Transwestern Dallas. “The retail is going in this section.” And if his calculations match up to LNR’s final plan, there will be at least one million sf of retail planted on the site.

“Not only is it the best development piece of property in North Fort Worth, but I believe it’s the largest commercial land transaction in Fort Worth this year,” Williamson tells The seller, Diversified Asset Planning of Las Vegas, bought the land last February from Dallas-based Legacy Capital Co.

The 388-acre site has frontage on Interstate 35W, North Tarrant Parkway and Harmon Road. Its neighbor is Alliance Town Center, being developed by the Fort Worth-based team of Trademark Property Co. and Hillwood, and an unnamed lifestyle project planned by Margaux Development of Dallas and Ellesmere Corp. of Vancouver.

If LNR’s original plan is on track, infrastructure work will begin in January for the 164-acre first phase, simultaneously opening the construction door for a 660-unit multifamily development. At build-out, LNR says the project will have more than one million sf of retail, restaurants and shops, 1,300 residential rental units and 750,000 sf of hospitality, office and medical office space.

Williamson is marketing 88 acres just north of LNR’s second purchase. It too is destined for retail due to its frontage. “There are numerous users who have been interested in the property,” he says, adding a dozen major retailers who couldn’t get space in the neighboring projects, for one reason or another, have been sizing up the land.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.