Austin Developer Buys Panther Island Land
An Austin-based commercial real estate development firm has acquired the largest single holding of privately-owned land on Panther Island.
Seco Ventures purchased approximately 26 acres from private investment firm Panther Acquisition Partners Ltd., according to an announcement from Sarah LanCarte of LanCarte Commercial, who represented the seller, along with Daniel Shelley and Darren Cain.
“The timing of this legacy transaction continues the momentum building on the Island over the last eighteen months,” LanCarte said in a statement. “We could not be more excited for our clients and share our enthusiasm for what the new owners are capable of.
“Few opportunities like this exist in major cities across the country,” she stated. “We could not be more enthusiastic about the future of Panther Island and the lasting impact it will have on the city of Fort Worth.”
The land spanned across 10 parcels and had been on the market for about two years. Panther Acquisition Partners, headed by Houston developer Andrew Schatte and Mark Brock, managing partner of Lionhead Real Estate have been involved with the investment partnership for many years.
The amount of the transaction was not announced due to a non-disclosure agreement, according to a spokesperson for LanCarte Commercial.
“We are incredibly pleased to have reached this agreement with Seco,” Brock stated. “We have spent the last several years consolidating a hugely strategic land package on Panther Island and believe we have partnered with the right family at the right time”.
Brock also indicated that the sale will fully sever the relationship with the property.
“The transaction allows us to partially exit the investment while maintaining a significant ownership stake alongside our partners,” Brock stated.
Seco Ventures has been involved with a variety of commercial real estate projects, including office, multi-family and mixed-use developments.
This article, written by Marice Richter, originally appeared in the Fort Worth Business Press and is shared with permission.