FORT WORTH

Legacy Class A and B office towers near the Tarrant County courthouse corridor were built for law firms, banks, and professional services, and their exchange file leans on tenant estoppels and a current rent roll. A converted early-twentieth-century warehouse like the Texas and Pacific Warehouse, now residential or mixed use, carries a different record: a certificate of occupancy reflecting the conversion rather than the original industrial use, plus any recorded covenants tied to review by the city's Historic and Cultural Landmarks Commission. Treating the two as interchangeable because both sit downtown is a documentation error, and a downtown title commitment should list every easement, restrictive covenant, and historic-designation instrument by document number, since Tarrant County's chain of title on older downtown parcels can run through transfers where an earlier covenant was never formally released. A share of downtown's office space also carries government leases to Tarrant County or City of Fort Worth departments, which typically use assignment and termination language different from a standard commercial lease and should be confirmed before an identification notice goes out.

Much of Sundance Square operates under a management or operating agreement with the district's operating entity, so a purchaser's rights can run through that agreement rather than through a standalone fee-simple retail parcel. The exchange file should include a copy of any operating agreement, since it can carry maintenance, signage, and use terms a standard lease review misses. The district's restored historic facades also carry design and signage standards set by the operating entity, covering everything from awning color to rooftop-equipment visibility from the pedestrian core, and skipping that design review is the most common reason a Sundance Square build-out timeline slips against the exchange period.

Dickies Arena and the Will Rogers Memorial Center draw ticketed events, livestock and rodeo activity, and convention business that create visitor spikes rather than steady daily traffic, and a restaurant or retail lease nearby should be underwritten against the actual event calendar rather than a flat traffic assumption borrowed from another part of the metro. Multifamily along the West 7th corridor generally leases on a steadier pattern tied to walkable access to the district's restaurants and museum campus, which is one reason an exchanger diversifying out of arena-adjacent retail often keeps West 7th multifamily or a DST interest on the identification list under the 200% rule rather than staying confined to a narrow set of comparable event-driven retail.

BNSF Railway's Alliance Intermodal Facility and Fort Worth Alliance Airport's cargo operations set the underwriting baseline for this corridor, and confirming which zone a building sits within, rail-served, air-cargo-adjacent, or general flex, matters more here than in a submarket where every parcel looks interchangeable from the road. A buyer's underwriting should confirm actual rail-spur or intermodal access documented in title and easement records rather than assumed from a marketing brochure, since a spur agreement recorded decades ago against a much larger parent parcel is easy for an unfamiliar title company to miss. Vacancy inside Alliance has generally tracked national industrial demand more closely than the rest of the Fort Worth metro, since much of the leasing here serves regional and national distribution networks rather than local tenants, and a single-tenant build-to-suit building carries concentrated lease-renewal risk that a broader 200% rule list, including multi-tenant flex or a DST interest, can offset.

A qualified intermediary's exchange agreement, a lender's underwriting file, and a title company's commitment should all reference the same closing date and identification notice language, but the supporting documents behind that agreement look different depending on which district the replacement property sits in: a downtown parcel needs the historic-designation and government-lease review, a Sundance Square unit needs the operating-agreement assignment consent, a West 7th or Cultural District property needs the event-calendar and percentage-rent verification, and an Alliance building needs the recorded rail or airport easement pulled in full. Scheduling a walkthrough or appraisal near downtown or the Cultural District should also account for street closures tied to downtown events, rodeo activity, or a Dickies Arena show, since access to several buildings narrows during those windows. Assembling the right file early, rather than a generic one borrowed from whichever district closed last, is what keeps a Fort Worth closing on schedule inside the 180-day period.