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Burnett Plaza, the tallest building in Fort Worth, Texas, has been purchased at a foreclosure auction for $12.3 million, just three years after it sold for more than $137.5 million, according to the Dallas Business Journal.
The 40-story behemoth was bought back by Pinnacle Bank of Texas at an auction on the steps of the Tarrant County Courthouse on Tuesday.
Pinnacle said in public filings that Barnett Cherry Street LLC, an affiliate of the tower’s previous owner, New York-based Opal Holdings LLC, was used to purchase the building in 2021. It was alleged that he defaulted on a $13 million loan.
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Barnett Plaza, the tallest building in Fort Worth, Texas, has been purchased for $12.3 million, three years after it was sold for $137.5 million. (Google Maps)
The bank bought the property back with a credit bid of just $12.30 per square foot, or approximately $12.3 million.
According to its website, Burnett Plaza is not only the tallest in Fort Worth, but is also believed to be the largest, with more than 1 million square feet of commercial office and retail space.
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View of downtown Fort Worth, Texas. (iStock/iStock)
Built in 1983, this distinctive block-sized complex stands 567 feet tall at 801 Cherry Street and is surrounded by a public city park.
It was recently valued at $104.5 million by the Tarrant Appraisal District, according to the Dallas Business Journal. Tenants include General Motors Financial, Kimley-Horn and Associates, Huckabee, Freese and Nichols.
According to the Dallas Business Journal, contractors have filed 10 contractor liens totaling more than $1.6 million against Opal for unpaid renovations on the site. The largest amount, totaling nearly $1 million, was filed by Tarrant Construction Services, which was contracted to renovate two suites and a bathroom on the 19th floor.
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The 40-story mega-building was bought back at auction by Pinnacle Bank of Texas after the previous owner claimed it defaulted. (Google Maps/Google Maps)
Opal sued Pinnacle on April 2, claiming the lender had forced the building into default, the media reported.
The Real Deal, citing a report from Cushman & Wakefield, said Barnett Plaza’s vacancy rate was 22% last quarter. On the other hand, the vacancy rate in Downtown Fort Worth is much lower at 11.5%.
Pinnacle also bought back the four-building CenterPoint office park in Arlington from the company at auction for $30 million, according to the Dallas Business Journal.
