1M-SF City Place Hits Sales Block

FORT WORTH-City Place, a 1.2-million-square-foot retail and office center, is up for sale. Once the headquarters for Tandy Co. and Radio Shack, the downtown retail and office asset currently belongs to PNL Cos., which acquired it in 2005.

However, class A asset ownership is not exactly what PNL is in business for. “PNL was established during the RTC days to purchase distressed loans. That’s their expertise,” explains Jones Lang LaSalle managing director John Alvarado, who is leading the team that is marketing the asset on Throckmorton St.

“Between 2005 and 2008, business really wasn’t that fruitful for them, because everything was going well,” Alvarado tells GlobeSt.com. As a result, PNL bought the asset because it provided a good value-add opportunity, as Radio Shack was about to depart.