{"id":1004110854,"date":"2015-01-12T06:52:03","date_gmt":"2015-01-12T14:52:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004110854"},"modified":"2022-12-07T08:35:05","modified_gmt":"2022-12-07T16:35:05","slug":"rainier-to-contribute-m-u-development-to-fort-worths-growing-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rainier-to-contribute-m-u-development-to-fort-worths-growing-market\/","title":{"rendered":"Rainier to Contribute M-U Development to Fort Worth&#8217;s Growing Market"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Rainier.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004110858\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rainier-to-contribute-m-u-development-to-fort-worths-growing-market\/rainier\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Rainier.jpg\" data-orig-size=\"1800,1200\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS-1Ds Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;954818665&quot;,&quot;copyright&quot;:&quot;\\u00a92008 Steve Hinds 214-638-2210&quot;,&quot;focal_length&quot;:&quot;20&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;20&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Rainier\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Rainier.jpg?w=1024\" class=\"alignright size-medium wp-image-1004110858\" alt=\"Rainier\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Rainier.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Rainier.jpg 1800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Rainier.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Rainier.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Rainier.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Rainier.jpg?resize=1536,1024 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/i><\/p>\n<p>Rainier Realty Investments has acquired an 18-acre site at 7100 Oakmont Blvd. in Fort Worth, Texas, with plans to redevelop the space into a multi-million dollar mixed-use development.<\/p>\n<p>The property currently consists of a 120,000-square-foot building, pad sites and ground leases under two medical office buildings, and was formerly occupied by Baylor All Saints Medical Center.<\/p>\n<p>\u201cThis is a very well-maintained, updated hospital building and we owned the surgery center that\u2019s in front of it, so we\u2019ve been familiar with the asset for years,\u201d Rob Jones, a principal in Rainier, told <i>Commercial Property Executive<\/i>. \u201cBaylor Hospital relocated and hired CBRE to sell the site, and we see some great uses for the hospital. We\u2019ve been approached by assisted living and data centers since we\u2019ve been under contract.\u201d<\/p>\n<p>The redevelopment plans will include restaurant\/retail frontage and other office, medical and specialty uses.<\/p>\n<p>\u201cWe\u2019re underwriting the front part to go retail and we see the building as having some great bones for something else,\u201d Jones said. \u201cWe\u2019ve been enjoying some good activity in the Fort Worth area for a few years and we think that will continue. We are not developers per say, and we typically like to go in as an equity partner with a developer and we have several developers we are talking with.\u201d<\/p>\n<p>The site is located in the affluent southwest suburban Fort Worth submarket, and is less than 10 miles from downtown, offering exceptional visibility and access from the adjacent Chisholm Trail Parkway.<\/p>\n<p>According to Jones, the submarket is currently underserved for quality retail, restaurant and office spaces, and this site was one of the few campus opportunities in the region offering such visibility and access within a major market.<\/p>\n<p>\u201cIt\u2019s just a terrific intersection, especially with the toll way being opened,\u201d Jones added. \u201cIf you own a great corner, your timing is always going to be good when it comes to looking for a good user. There are not a lot of tablecloth restaurants in the area, so we\u2019ve been somewhat surprised with the response we\u2019ve gotten involuntarily from some restaurants.\u201d<\/p>\n<p>A CBRE team led by Bob Scully, senior vice president, and Nanci Johnson-Plump, vice president, will lead the marketing efforts on behalf of Rainier.<\/p>\n<p>The Fort Worth market has shows positive signs of late. For instance, CBRE\u2019s third quarter office market report of the Fort Worth area revealed net absorption throughout the DFW office market continued to trend positively for the 17th consecutive quarter dating to third quarter of 2010. Additionally, market-wide vacancy declined in the third quarter of 2014 with an 18.2 percent vacancy rate, six months after vacancy dipped below 18 percent for the first time since 2008.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rainier Realty Investments has grabbed an 18-acre site in the busy Fort Worth submarket that it intends to transform into a multimillion-dollar mixed-use site.<\/p>\n","protected":false},"author":952,"featured_media":1004110858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21754,21752,21742],"tags":[],"class_list":["post-1004110854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-medical-office","category-mixed-use","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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