April 21, 2021 10:00 AM
Newmark announces the opportunity to acquire City Place, a 550,900-square-foot mixed-use asset located at 100-300 Throckmorton Street in Fort Worth, Texas. Spanning four city blocks, the iconic property is adjacent to downtown Fort Worth’s renowned Sundance Square. Newmark Vice Chairmen John Alvarado, Gary Carr, Robert Hill, and Chris Murphy are representing the seller. Director Chase Tagen and Senior Financial Analyst Mary Claire Houseman are providing transaction support.
City Place was originally developed in 1976 as the Tandy Center and 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. Current ownership has also completed capital and tenant improvements totaling more than $20 million over the last decade.
City Place is made up of One and Two City Place–offering Class A space in two high-rise towers–and City Place Center–comprising eight levels of parking and ground-level retail and restaurant space. On-site amenities at City Place include five restaurants, two fitness centers, a conference center and a separately owned Aloft Hotel located on floors 8 through 13 of One City Place.
As downtown Fort Worth’s premier destination workplace, the property is 78% leased to a diverse base of credit-worthy tenants generating a strong in-place cash flow. Investors can achieve significant upside through vacancy lease-up, mark-to-market of in-place rents and conversion of new leases to a triple-net structure.
“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,” said John.
City Place is walkable to Fort Worth’s top destinations, including Sundance Square, Bass Performance Hall, the Convention Center, and over 100 shops and restaurants, including the famed Reata Restaurant. Its location at the north end of downtown Fort Worth offers easy access to area freeways and Dallas/Fort Worth International Airport, which is just 25 minutes from the property.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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