The tallest building in Fort Worth, Texas, has been sold for a massive price drop.
Burnett Plaza was purchased at a foreclosure auction for $12.3 million, just three years after it sold for more than $137.5 million.
The 40-story building was purchased by Pinnacle Bank Texas during Tuesday’s auction at the Tarrant County Courthouse.
According to public records, Pinnacle alleged that the building’s previous owner, Burnett Cherry Street LLC, a subsidiary of New York-based Opal Holdings LLC, had failed to pay a $13 million loan used to build the tower 2021 to buy.
Burnett Plaza was purchased at a foreclosure auction for $12.3 million, just three years after it sold for more than $137.5 million
The 40-story building was purchased by Pinnacle Bank Texas during Tuesday’s auction at the Tarrant County Courthouse
Contractors filed ten mechanic’s liens totaling more than $1.6 million against Opal Holdings LLC, alleging unpaid renovation work at the site
The massive building, built in 1983, is also considered the largest commercial office and retail space at more than one million square feet, according to its website.
The block-like building at 801 Cherry Street is located near a public city park and is 180 meters high.
Dallas business magazine reported that the complex was recently appraised by Tarrant Appraisal District at $104.5 million.
General Motor Financial, Kimley-Horn and Associates, Huckabee and Freese and Nichols are among some of the tenants in the building.
Contractors filed 10 mechanic’s liens totaling more than $1.6 million against Opal Holdings LLC, alleging unpaid renovation work was performed at the site, Dallas Business Journal reported.
According to documents, one of the liens totaled about $1 million and was filed by Tyrant Construction Services for renovations to the 19th floor bathroom and two suites.