Burnett Plaza, the tallest and largest building in Fort Worth, Texas, was sold at a foreclosure auction last Tuesday for $12.3 million, a mere fraction of its $137.5 million sale price just three years ago.
The 40-story skyscraper, boasting over one million square feet of commercial office and retail space, was bought back by Pinnacle Bank Texas, the lender who had issued a $13 million loan to the previous owner, Burnett Cherry Street LLC, an affiliate of New York-based Opal Holdings LLC. Opal defaulted on the loan in 2021, triggering the foreclosure proceedings.
Pinnacle Bank Texas acquired the property with a credit bid of approximately $12.3 million, equivalent to $12.30 per square foot. This price is significantly lower than the building’s most recent appraisal of $104.5 million by the Tarrant Appraisal District.
Burnett Plaza, built in 1983, stands at 567 feet tall and is located at 801 Cherry Street, surrounded by a public urban park. The building’s tenants include prominent companies like General Motors Financial, Kimley-Horn and Associates, Huckabee, Freese and Nichols.
The sale comes amid legal disputes between Opal and Pinnacle. Opal filed a lawsuit against Pinnacle in April, alleging the lender forced the building into default. Additionally, contractors filed mechanic’s liens totaling over $1.6 million against Opal for unpaid renovation work at the site.
Despite the building’s challenges, its vacancy rate of 22% is still lower than the overall vacancy rate of 11.5% in Downtown Fort Worth.
In addition to Burnett Plaza, Pinnacle Bank Texas also acquired a four-building Centerpoint office park in Arlington from Opal Holdings at the same auction for $30 million.
Article generated from corporate media reports.
What Would You Do If Pharmacies Couldn’t Provide You With Crucial Medications or Antibiotics?
The medication supply chain from China and India is more fragile than ever since Covid. The US is not equipped to handle our pharmaceutical needs. We’ve already seen shortages with antibiotics and other medications in recent months and pharmaceutical challenges are becoming more frequent today.
Our partners at Jase Medical offer a simple solution for Americans to be prepared in case things go south. Their “Jase Case” gives Americans emergency antibiotics they can store away while their “Jase Daily” offers a wide array of prescription drugs to treat the ailments most common to Americans.
They do this through a process that embraces medical freedom. Their secure online form allows board-certified physicians to prescribe the needed drugs. They are then delivered directly to the customer from their pharmacy network. The physicians are available to answer treatment related questions.
