The 550K SF City Place mixed-use development in Fort Worth hit the sales block this week, offering investors a chance to nab four city blocks of topline commercial real estate assets near the popular Sundance Square.
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The mixed-use city center is located at 100-300 Throckmorton St. and includes two high-rise office towers, known as One and Two City Place, and an eight-level development known as City Place Center that comes with eight parking levels, ground-level retail and restaurant space.
City Place brings traffic to the block through the operation of five restaurants, two fitness centers, a conference center and an Aloft Hotel located inside One City Place tower.
City Place is more than 40 years old. The four-block asset was delivered in Downtown Fort Worth in 1976 as a mixed-use town center. It later served as the longtime headquarters for RadioShack.
City Place underwent major renovations between 2008 and 2014 and eventually transformed into a modern office and retail mixed-use development. The current owners have invested a total of $20M in capital and tenant improvements over the past decade, according to listing brokerage Newmark.
The seller hired Newmark's John Alvarado, Gary Carr, Robert Hill and Chris Murphy to handle the listing, while Newmark's Chase Tagen and Mary Claire Houseman intend to provide transactional support.
The mixed-use development is 78% leased and sits within walking distance of Sundance Square, Bass Performance Hall and the Fort Worth Convention Center.
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