Asana Partners acquired The Foundry District, a well-known mixed-use development in Fort Worth’s Cultural District, from M2G Ventures, a North Texas-based real estate investment and development company.
Named the Foundry for its industrial roots, this six-acre adaptive reuse district features 98,000 square feet of redeveloped mid-century warehouses and is anchored by Inspiration Alley, Texas’ largest outdoor art gallery. Between 2015 and 2019, M2G Ventures acquired the property at 200 Carroll St. and redeveloped the space into showrooms, creative offices, curated amenities and food and beverage spaces over the five-year timespan.
“The Foundry District is a wonderful strategic fit for our portfolio of neighborhood mixed-use properties in dynamic locations. This project has a reputation for bringing the best that Fort Worth has to offer into one central location, including art, amenities and a compelling mix of local tenants,” said Brad Kantrowitz, director at Asana Partners.
The Foundry District is the latest North Texas acquisition for Asana Partners. The company also owns 43 buildings in Deep Ellum, over 400,000 square feet of commercial space in Victory Park and The Hill shopping center in Dallas.
“Asana Partners’ track record of investing in experiential destinations like The Foundry District makes them the ideal ownership group for this property. They share the vision we have for what had been an underutilized industrial pocket that is now a part of Fort Worth’s foundational culture,” said Susan Gruppi, co-founder of M2G Ventures. “We look forward to watching them continue to invest in and build on the inspiring momentum of the district.”
The team at M2G Ventures has always prioritized the community’s experience and the unique offerings of its diverse lineup of entrepreneurs and businesses beyond solely the development of buildings, Gruppi added.
“It has always been about inspiring evolution through impact and innovation,” she noted.
From its early stages, the Foundry became a beacon for innovative businesses and patrons seeking something new. The Foundry District is 95% leased, including two new tenant announcements.
- An undisclosed iconic Dallas-based Tex-Mex concept known for its great drinks and even better food signed a lease to open its first Fort Worth location in 4,008 square feet at 2700 Weisenberger St. at a later date.
- Bumble Bee Yoga, a not-for-profit yoga studio with a cause committed to transforming suffering into power, is anticipating a December opening in 2,400 square feet at 2712 Weisenberger St.
Cushman & Wakefield’s Chris Harden and Kris Von Hohn brokered the transaction.