A nearly 100-year-old 89,632-square-foot building, 1212 W. Lancaster, has sold to SBAB Realty LLC. The new ownership, which was represented by Vipul Shah, has redevelopment plans for the property that have yet to be announced.

Transwestern Real Estate Services’ Jack Huff and Grant Huff, along with Medical Real Estate Inc.’s Stan Young, represented the undisclosed seller in the transaction.                                                                        

“Although the past year led to a period of uncertainty in the market, we are pleased a buyer recognized this asset’s attributes and saw the potential for the site,” Jack Huff said. “Being situated between the Arts District and downtown Fort Worth will help bring new energy to the future of this property.”

The three-story facility opened in 1929 as the W.I. Cook Memorial Hospital serving the general population but shifted its focus to concentrate only on children’s medical services in 1952. In 1985, the building was purchased by a medical group that provided rehabilitation services but it has been vacant in recent years.

According to Transwestern research, Fort Worth could become the next Austin as momentum builds around urban multifamily and hospitality development with adaptive reuse projects.