FOR SALE: CITY PLACE
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JLL is putting Fort Worth’s 1.2M SF City Place (the two towers in the center and the block in between) on the market next week for Fort Worth-based owner PNL Cos (led by prez David Porter). The former Tandy Center and RadioShack HQ (from 1976 to 2005) has been redeveloped and includes an office tower (which leased from zero in April 2008 to 78% today), one vacant tower, and a vacant center block connecting the area. PNL bought the project as part of a distressed debt fund and wants to liquefy to reinvest capital into discounted mortgages, JLL folks tell us. Why now? We're told greater availability of low, fixed mortgage rates with the moderate LTVs from banks and life companies.
City Place’s three components (One City Place shown here) may be purchased together or separately. (The line between CRE and the Barbie Dream House blurs even more.) PNL will consider offers to remain as a development partner and/or minority owner/operator. JLL managing directors John Alvarado, Jack Crews, and Evan Stone will lead the sales effort. Noting the ability to purchase the components, John says those seeking a core/value-add play with strong long-term cash flow in the office tower will be drawn to Two City Place. One City Place and City Place Center Office would be ideal for multifamily investors looking for an infill redevelopment.