Hines lists land near Pier 1 building for sale to developers

Less than a year after buying the 20-story Chesapeake Plaza on the western edge of downtown Fort Worth, Houston-based Hines has put 3 acres at the site up for sale.

The parcel is bordered by Summit Avenue on the east and West Fifth Street on the south, with the office tower and parking lots to the north and west, respectively. Commercial real estate brokerage Transwestern listed the land Wednesday.

Jack Huff with Transwestern in Fort Worth said that property information was sent to about 30 developers and that some have already responded. The property is being marketed as a development site for multifamily use or a hotel, he said.

“Multifamily is so hot right now. Hotel is so hot right now,” Huff said, adding that another office building is unlikely to be built there.

Mark Clegg, a Hines spokesman, said the company declined to comment on the listing.

Whatever does go there, it must be compatible with the glass-and-steel Pier 1 Imports building, Huff said. An asking price was not listed. The Tarrant Appraisal District values the land and building at $68.8 million.

“Hines is happy with the investment they made there,” Huff said.

Hines bought the building in August from Oklahoma City-based Chesapeake Energy and changed the name to the Pier 1 Imports Building, the building’s tenant. The building sits on 29.3 acres, some of which is used for parking.

Pier 1 built the office tower as its headquarters in 2004. It has a lease through 2027.

Hines is a privately held real estate firm involved in investment, development and property management worldwide.

This story was originally published April 9, 2015 at 4:43 PM with the headline "Hines lists land near Pier 1 building for sale to developers."