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4 months ago
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The tallest building in Fort Worth, Texas has sold for a mammoth price drop.
Burnett Plaza was purchased in a foreclosure auction for $12.3million just three years after it was sold for more than $137.5million.
The 40-story building was bought by Pinnacle Bank Texas during the auction at the Tarrant County courthouse on Tuesday.
According to public records, Pinnacle claimed that the building's previous owner, Burnett Cherry Street LLC, an affiliate of New York-based Opal Holdings LLC, failed to pay a $13million loan that was used to purchase the tower in 2021.
Burnett Plaza was purchased in a foreclosure auction for $12.3million just three years after it was sold for more than $137.5million
The 40-story building was bought by Pinnacle Bank Texas during the auction at the Tarrant County courthouse on Tuesday
Contractors filed 10 mechanic's liens that totaled more than $1.6million against Opal Holdings LLC that alleged unpaid renovation work at the site
The mammoth building, built in 1983, is also considered the largest commercial office and retail space with over one million square-feet, according to its website.
The block-like building located at 801 Cherry Street, sits near a public urban park and is 567ft tall.
Dallas Business Journal reported that the complex was recently appraised at $104.5million by Tarrant Appraisal District.
General Motor Financial, Kimley-Horn and Associates, Huckabee and Freese and Nichols are among some of the tenants inside the building.
Contractors filed 10 mechanic's liens that totaled more than $1.6million against Opal Holdings LLC that alleged unpaid renovation work at the site, Dallas Business Journal reported.
According to documents, one of the liens totaled to about $1million and was filed by Tyrant Construction Services for renovations to the 19th-floor bathroom and two suites.
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