The owner of City Place in downtown Fort Worth has obtained building permits to redevelop the complex's south tower at Third and Throckmorton streets into a multitenant office building.
Jon Ruff, senior vice president at Spire Realty Group in Dallas, said converting the long-vacant building into offices was always the company's intent. Spire entertained a couple of inquiries from hoteliers along the way, but they never materialized.Ruff said Spire hasn't pre-leased any of the space in the 19-story building, the former RadioShack headquarters, and executives are still deciding whether they'll complete some speculative space or wait to work on the floors until they are leased. They hope to decide in October, which is why they've applied for permits, he said.In the meantime, energy-efficient windows will be installed and the building painted to match its sister tower, Two City Place, he said. Renovation costs have been placed at $21 million, according to one filing.Construction on a parking garage is winding down. The top slab of the eight-story structure was poured a few weeks ago. The garage should be ready in December, Ruff said.Ruff said Spire is negotiating with two retailers for some of the 30,000 square feet of ground-floor space in that building.Spire bought City Place in February 2011 and by December had demolished the former outlet mall between the towers to make room for the garage. Two City Place was renovated more than four years ago by the previous owner and is 82 percent leased.Bolt & Tool building soldFort Worth Bolt & Tool has sold its last building near the West Seventh Street corridor that is used for its FWB Rental.Tailwind Real Estate Equities in Fort Worth bought the 12,900-square-foot building at 920 Foch St. and plans to redevelop the property for office or retail use.The building will be taken down to a shell and reduced to about 8,700 square feet to make room for about 35 parking spaces, said J. Searcy, Tailwind's president.Fort Worth Bolt is leasing the building for six months and plans to be out in the spring, he said. It is seeking a new location.In 2009, Tailwind bought and renovated the quonset hut on Foch Street that was the former Alamo Machine Works for its offices. It also renovated a neighboring two-story structure a block north at 1000 Foch St., which has been leased to two oil and gas companies and another business.Last month, a partnership of TLC Urban and Fort Worth's Kostohryz family bought the Fort Worth Bolt & Tool property at 2800 Bledsoe St. The three red brick buildings total about 25,000 square feet. The property will also be renovated for office space.Fort Worth Bolt & Tool has been on the near west side since its founding in 1949. The Russell family has owned the business and property since 1976.Tyler Trahant of CASE Commercial Real Estate Partners represented Tailwind and the Landrum partnership.Floor store leases buildingIn one of Tarrant County's larger retail leases this year, Floor & Decor Outlets of America has leased the former Wal-Mart location on Loop 820 in North Richland Hills.BH Properties has leased 89,262 square feet to the Atlanta-based retailer at 6801 NE Loop 820. The property has been vacant for several years.Floor & Decor Outlets anticipates opening the North Richland Hills store in the first half of 2013. It has others in Plano, Dallas, Mesquite and Arlington.Craig Hulse, North Richland Hills economic development director, said about 150,000 cars pass the Loop 820 site each day. He said he expects some other retail annoucements in the coming weeks for the area, but he could not elaborate."Floor & Decor is the perfect complement to the existing businesses along Loop 820 at Rufe Snow," Hulse said. "Floor & Decor is the first of numerous national brands that have plans to expand into this area."Jeff Kittleson and Daniel Taylor of CBRE Dallas represented the tenant. Greg McDonald of the Weitzman Group represented BH Properties.Transactions5017 Heritage Ave., ColleyvilleChaxona Llc. has bought a 4,581-square-foot office building in the Heritage Glade Office Park. Karen Simon and Brian Scott represented the seller, BB&T Co. Tracy Stanley represented the buyer.4809 Brentwood Stair Road, Fort WorthWayne Hey has bought an 8,060-square-foot office building. Karen Simon, Brian Scott and Kevin Santaularia of Bradford Commercial Real Estate represented the seller, United Texas Bank.2408 Minnis Drive, Haltom CityEnvirotech Water Treatment has leased 6,000 square feet of office/warehouse space. Chris Stewart and Gary Vasseur of Coldwell Banker Commercial Searcy Vasseur Group represented the landlord, McDonald Enterprises. Mike McGee of McGee and Associates represented the tenant.165 W. Harwood Road, HurstSincerely Yours Cheesecake has leased 1,650 square feet in the Woods Crossing Shopping Center from MiLa Properties. Karen Simon and Erik Blais of Bradford Commercial Real Estate Services represented the landlord. Ann Ngo of Quine & Associates represented the tenant.Have more to add? News tip? Tell us
