The tallest building in Fort Worth, Texas, has been sold at a foreclosure auction for a fraction of its purchase price from just three years ago, according to the Dallas Business Journal.
Burnett Plaza, a 40-story commercial and office tower built in 1983, was purchased back by Pinnacle Bank Texas for $12.3 million at the auction, after being sold for over $137.5 million in 2021.
The building’s previous owner, Burnett Cherry Street LLC, defaulted on a $13 million loan used for its purchase, leading to the foreclosure.
Pinnacle acquired the building for $12.30 per square foot, well below its recent appraisal value of $104.5 million. The building currently has a 22 percent vacancy rate, with tenants including General Motors Financial, Kimley-Horn and Associates, and Huckabee.
In comparison, the average commercial building vacancy in downtown Fort Worth is 11.5 percent, according to data from Cushman & Wakefield cited by the Real Deal.
