The 40-story Burnett Plaza, the tallest building in Fort Worth, was sold in a foreclosure auction for $12.3 million.
The Dallas Business Journal reported the 1 million-square-foot office building was purchased at about $12 per square foot, which was less than 1% of the property’s sale price in 2021 when Burnett Cherry Street LLC, an affiliate of New York City-based Opal Holdings LLC, paid $138 million for the tower. The owner defaulted on a $13 million loan from Pinnacle Bank Texas, which bought the building during the auction.
Opal also faced 10 mechanic’s liens totaling more than $1.6 million filed by contractors who alleged they were not paid for their renovation work.
Burnett Plaza was constructed in 1983. The Tarrant County Appraisal District has assessed Burnett Plaza’s taxable value at about $104 million.
This is the second Texas-based Opal property that Pinnacle bought in an auction this month – it also acquired the four-building Centerpoint office complex in Arlington for $30 million.
;
