Fort Worth real estate investment partnership buys 410 acres
A Fort Worth real estate investment partnership has agreed to pay $198.4 million to an East Coast-based real estate investment trust to buy more than 400 of acres of land in Tarrant, Johnson, Ellis and Dallas counties leased to a Chesapeake Energy subsidiary. The partnership, 111 Realty Investors LP, headed by real estate investor Michael Mallick, is buying 110 natural gas drill sites that range in size from 3-acres to 5-acres and total 410 acres, from Apple REIT Nine Inc., according to a recent Securities and Exchange Commission filing. Mallick declined to comment on the deal that went under contract in August. The deal, which is for surface rights only, is expected to close by the end of the year. The property was land Apple REIT Nine bought from Oklahoma City-based Chesapeake last year. At that time, Apple REIT Nine said it bought 113 properties totaling 417 acres in the Barnett Shale gas field in the four counties. A few of those properties were later repurchased by Chesapeake. The real estate investment trust, part of the Apple real estate investment trust companies based in Richmond, Va., paid $147 million for the land. The land is leased for 40 years to Chesapeake Exploration. A year ago, Chesapeake said it was paying, on average, $21.8 million a year for the lease, according to federal filings. In Tarrant County, the land is in Fort Worth, Arlington, Benbrook, Haltom City, Hurst, Mansfield and North Richland Hills. Apple REIT Nine primarily focuses on hotel real estate. Locally, it owns the Residence Inn by Marriott in the So7 development on Fort Worth’s near west side, TownPlace Suites in Arlington, a Hilton Garden Inn in Grapevine, and a Homewood Suites in Irving. Last year, Mallick bought the former AstroWorld theme park site in Houston. He also once owned the 200-acre former Masonic Home site in southeast Fort Worth and is developing the 95-acre Sierra Vista residential community off East Berry Street and South Riverside Drive in a public/private partnership. _ Sandra Baker
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