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.
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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.
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