WORLD PROPERTY CHANNEL ®

(FORT WORTH, TX) -- The Tower, a two-building, 182,000-square-foot office-retail-residential landmark property in Downtown Fort Worth, TX, has a new owner today.

StarPoint Commercial Properties of Beverly Hills, CA purchased the 37-story asset from Chicago-based TLC Green Property Associates in a multi-million-dollar transaction.  Specific terms of the deal were not disclosed.

Evan Farahnik, a StarPoint principal, calls the deal exceptional because it was done in "one of the tightest commercial submarkets in the country."

Farahnik says the office portion of The Tower is 95 percent leased, retail 93 percent leased and the condominium residential units are 98 percent sold out.

He sees "the potential for significant upside (in the property's financials) through the creation of additional rentable square feet and capitalizing on immediate operational efficiencies."

The property has 253 parking spaces and is part of Sundance Square, Fort Worth's premier entertainment and cultural center in the center of Downtown.

StarPoint Commercial Properties LLC represented itself in the transaction.  Negotiating for the seller were Tom Salanty, executive director of the Dallas office of Cushman & Wakefield of Texas Inc.

StarPoint was formed in 1995 to buy, redevelop and reposition commercial properties located in markets with little nearby competition.  The company has closed $1 billion in real estate deals to date and currently operates a portfolio of over five million square feet of rentable space. 

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