Investment Overview
Marcus & Millichap is pleased to present The Library | Pete's Dueling Piano Bar, located at 611 Houston Street, located in the heart of downtown Fort Worth, Texas. The subject property is a 23,639-square-foot, multi-tenant bar/restaurant asset situated on 0.17 acres. This rare downtown Fort Worth investment opportunity features two long-standing tenants, with approximately twenty years of operating history, The Library Bar and Pete's Dueling Piano Bar. In addition, the subject property features a unique value-add opportunity, an 8,100-square-foot basement that has the potential to be converted into rentable square footage for a new tenant.
The subject property is located proximate to major economic drivers in the area including the iconic Sundance Square, the expanding Fort Worth Convention Center, and Texas A&M Fort Worth Campus. The Texas A&M Campus development is located at 1515 Commerce Street and is less than one mile from the subject property. The overall investment in the Texas A&M Fort Worth Campus is projected to reach $350 million in total, with construction anticipated to conclude by 2025. The Texas A&M development will become part of the sprawling educational landscape in Fort Worth that includes three of Tarrant County College's five campuses, Texas Christian University, Texas Wesleyan University, and the University of North Texas Health Science Center, among other esteemed institutions. The A&M development will house classes offered by Texas A&M, Texas A&M Law, Texas A&M Health, and Tarleton State University.
Fort Worth, Texas is recognized as the fastest growing city in the United States, with a population of just under one million. As the 13th largest city in the country, Fort Worth is also generating an impressive $2.5 Billion of new developments, including the Fort Worth Convention and City Hall project, the new Texas A&M Fort Worth Campus, and the Omni Hotel expansion. Factors such as the relatively low cost of living, recent major corporate relocations, and robust development opportunities have driven more new residents to the Fort Worth market at a rate faster than any other city in the United States.
Overall, The Library | Pete's Dueling Piano Bar provides a new investor with the rare opportunity to acquire an extremely well-located, trophy urban core asset, proximate to many of the main traffic generators in downtown Fort Worth, Texas. This investment opportunity allows for the stabilization of two long-standing, well-established tenants, as well as a unique value-add opportunity with the conversion of the basement space.
