A group of local investors has acquired the Mercado Building, a 53,000-square-foot commercial property located at 1500 North Main Street near the Fort Worth Stockyards. The purchase was made by BlueAlpha Capital, based in Southlake, and CHC Development from Fort Worth. The Dallas Business Journal reported on the transaction.
While the sale price was not disclosed, public tax records appraise the property at $4.5 million. Deed records indicate that the deal closed in late August. The three-story building sits on 1.24 acres just outside downtown Fort Worth and is a few blocks from the Stockyards.
CHC Development has already begun renovations to improve restrooms, common areas, exterior lighting, and to add new conference and break rooms. Ground-floor space is being marketed for retail and restaurant tenants. These upgrades are expected to be completed next year.
BlueAlpha founder Sanjay Chandra said, “The building’s newer construction, vintage character and strong frontage on North Main Street made the deal appealing.”
According to Rory Maguire of CHC Development, this marks the first time since its construction in 2006 that the property has been owned locally. Maguire’s firm also owns the nearby Vinnedge Building, which is about 95 percent leased; he hopes for similar leasing success with the Mercado Building.
Maguire noted increasing demand for office space in Northside, attracting both global tenants and companies relocating from downtown. He said, “Demand for Northside office space is surging, drawing global tenants and luring companies out of downtown.”
The area is receiving additional attention through Main Street America—a $650,000 pilot program supported by the Fort Worth Local Development Corporation—aimed at revitalizing underserved neighborhoods.
Local developers are exploring new uses for vacant buildings in the vicinity. Meanwhile, organizations such as the Fort Worth Hispanic Chamber of Commerce and Urban Land Institute are researching strategies to prevent displacement in Historic Northside’s predominantly Hispanic community.
BlueAlpha Capital and CHC Development stated they are working with the Hispanic Chamber while leasing out space in their building. They describe their project as an effort to enhance the corridor without displacing long-standing businesses. The Northside area attracts approximately 300,000 visitors annually and has a retail vacancy rate of 3.7 percent but has seen little new construction over more than ten years.
