Fort Worth-based real estate investment firm MainStreet Partners LLC bought the historic W.T. Grant department store building in downtown Fort Worth.
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A historic building home in downtown Fort Worth has a new owner.
Fort Worth-based real estate investment firm MainStreet Partners LLC bought the historic W.T. Grant department store building at 611 Houston St. from Austin-based Sabot Development Ltd. and Austin-based entity Loose Boot Holdings LLC. The deal closed Dec. 31, said Mitchell Parker, co-founder and partner at MainStreet Partners.
Parker declined to share financial details. The 23,049-square-foot building has been appraised by Tarrant Appraisal District at $2.3 million, although such valuations are often below market value.
The building, completed in 1939, is home to the bar called The Library and Pete’s Dueling Piano bar on the second floor. Parker said the building’s location in the heart of downtown made it appealing.
“It’s right next to 777 Main, which is a really high-operating office tower,” he said. “It’s also close to Sundance Square, and services a lot of not only local Fort Worth residents, but also a lot of traffic from conferences and visitors that come into downtown. It’s a great property.”
Parker also saw potential in the building’s roughly 8,600-square-foot vacant basement, which could be renovated for a new purpose such as retail or storage.
Deferred maintenance such as mold and water damage almost dissuaded Parker from making the purchase, but he later realized the potential of the space.
“There’s some really cool, interesting concepts that have shown interest in the space,” he said. “We haven’t finalized anything at this point.”
MainStreet was founded in 2024 and specializes in value-added commercial real estate, with a focus on strip malls and retail. Parker said the firm is bullish on downtown Fort Worth, citing new development activity such as the $150 million Deco 969 residential tower, convention center renovation and the new Texas A&M campus.