Iconic office-restaurant complex in downtown Fort Worth goes up for sale
See full CultureMap article by Stephanie Allmon Merry here.
City Place, the four-block, mixed-use development that some still call "the Tandy Center" in downtown Fort Worth, is up for sale, according to an April 21 news release.
Located at 100-300 Throckmorton St., the iconic 550,900-square-foot property in the north end of downtown is adjacent to Sundance Square.
Newmark Group vice chairmen John Alvarado, Gary Carr, Robert Hill, and Chris Murphy are representing the seller, the release says, and director Chase Tagen and Senior Financial Analyst Mary Claire Houseman are providing transaction support.
A representative for Newmark declined to share the asking price.
City Place, built in 1976 as the Tandy Center, served as a mixed-use town center and as the headquarters for RadioShack until 2005. Between 2008 and 2014, City Place was completely renovated and redeveloped, "transforming this downtown Fort Worth landmark into a modern work-play destination," the release says.
Current ownership has also completed $20 million in capital and tenant improvements in the past 10 years.
The development is composed of One and Two City Place (featuring Class A space in two high-rise towers) and City Place Center (including eight levels of parking and ground-level retail and restaurant space). The development includes include five restaurants (Hooters, Wild Salsa, Chop House Burger, Subway, and Jimmy Johns — though some are listed as "temporarily closed"), two fitness centers, a conference center, and a separately owned Aloft Hotel. The property is 78 percent leased.
“City Place is a rare and well-timed opportunity for investors to acquire a critical mass of institutional-quality product within one of the nation’s most vibrant and walkable urban centers,” Alvarado says in the release.
Location Mentioned: City Place