StarPoint Commercial Properties purchases The Tower in Fort Worth’s Sundance Square

by PegNews wire

FORT WORTH — Beverly Hills, Calif.-based StarPoint Commercial Properties, a real estate company that specializes in the acquisition, redevelopment and repositioning of commercial properties, has purchased The Tower Complex, 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 Sundance Square, 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.”

The property's submarket occupancy 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.

Source: Starpoint