The High-Profile Retail and Office Tower is Part of a 37-Story, Mixed Use Development
FORT WORTH, TX-(BUSINESS WIRE)--In proving that there’s equity available for good deals despite a tough economic market, Beverly Hills, Calif.-based StarPoint Commercial Properties, a leading real estate company that specializes in the acquisition, redevelopment and repositioning of commercial properties, has purchased The Tower Complex, (top right photo) located at 500 Throckmorton Street in Downtown Fort Worth, Texas.
Terms of the transaction were not disclosed.
The 182,000-square-foot famed mixed-use retail and office development, which also includes 253 parking spaces, is part of the Sundance Square, (middle left photo) Fort Worth's premier entertainment and cultural center located in the center of downtown.
“We are proud to be the owners of such a successful project in one of the tightest commercial submarkets in the country,” said Evan Farahnik, principal of StarPoint Commercial Properties. “We were able to acquire a prominent well-performing asset with the potential for significant upside through the creation of additional rentable square feet, and capitalizing on immediate operational efficiencies.”
Indeed, the prominence of the property is spelled out in the submarket occupancy which stands at 98% for retail and 95% for office. In addition, the condominium towers’ residential units are 98% sold out.
The Tower Complex consists of two buildings, The Tower and The Annex, and totals 182,000 current leasable square feet combined for office and retail.
StarPoint Commercial Properties LLC represented itself in the transaction. The seller, TLC Green Property Associates of Chicago was represented by Tom Salanty, executive director in the Dallas office of Cushman & Wakefield of Texas, Inc.
About StarPoint Commercial Properties
StarPoint Commercial Properties – a real estate company based in Beverly Hills, Calif. with an office in Dallas, specializes in the acquisition, redevelopment and repositioning of commercial properties located within high barrier to entry, infill and high population growth markets throughout the nation.
The firm, which has properties in 10 states, has been involved in the commercial real estate market since 1995, has closed transactions close to a billion dollars of real estate and currently operates a portfolio in excess of 5 million square feet of rentable space.
Contacts:
The Hoyt Organization, Erik Hamilton, ehamilton@hoytorg.com,
Leeza Hoyt, llhoyt@hoytorg.com, 310-373-0103
No comments:
Post a Comment