FORT WORTH – (Realty News Report) – Hines has sold its 20-story Pier 1 Imports building in downtown Fort Worth to Woodland Hills, Calif.-based Hertz Investment Group, led by Judah Hertz.
The 410,000-SF headquarters of the retailer overlooks the Trinity River.
Hertz has acquired several properties in Houston in recent years include the Royal Oaks Centre in Westchase and three Brookhollow Central buildings.
In New Orleans, Hertz owns the 1.2 million SF One Shell Square, which was built by Hines on Poydras Street in the early 1970s.
CBRE’s Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua represented Hines in the Fort Worth transaction.
“The Pier 1 Imports Building presented investors with a stable, in-place cash flow backed by a long-term commitment of a quality tenant who has been loyal to Fort Worth for over 50 years,” said Carr of CBRE’s Office Investment Prooperties group. “Investors were intrigued by the opportunity to establish a large presence in Fort Worth’s Central Business District as new developments continue to scatter the city attracting residents and other businesses to the area.”
The Pier 1 building is located near the West Seventh District, Fort Worth’s Cultural District, and downtown’s walkable amenities — including Sundance Square. The property is also adjacent to two of downtown’s largest mixed-use developments — the $300-million Left Bank project and the much anticipated $1.2 billion, 800-acre Panther Island project. Pier 1 Imports leases the building, which sits on 12 acres, through June 2027.
Aug. 20, 2018 Realty News Report Copyright 2018