The tallest building in Fort Worth, Texas, has been sold at a foreclosure auction for less than nine percent of its purchase price from just three years ago, according to the Dallas Business Journal.
Burnett Plaza, a whopping 40-story commercial and office tower constructed in 1983, was bought back by Pinnacle Bank Texas for just $12.3 million at the auction last Tuesday — after being sold for more than $137.5 million in 2021.
The building’s former owner, Burnett Cherry Street LLC, defaulted on a $13 million loan used to purchase it, the bank said.
Pinnacle bought it back for just $12.30 per square foot, according to the local outlet.
Burnett Plaza’s most recent appraisal found it to be worth $104.5 million, with tenants including General Motors Financial, Kimley-Horn and Associates, and Huckabee. However, the building’s vacancy rose to 22 percent last quarter, according to Cushman & Wakefield real estate data cited by the Real Deal.
The average commercial building vacancy in downtown Fort Worth is around 50 percent lower at 11.5 percent, the outlet reported.