The Dallas Business Journal reports that the tallest structure in Fort Worth, Texas, was sold at foreclosure auction for less than 9 % of the amount it had purchased just three years ago.
After being sold for more than$ 137.5 million in 2021, Pinnacle Bank Texas purchased the massive 40-story Burnett Plaza commercial and office building for merely$ 12.3 million at the bid last Tuesday.
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 merely$ 12.30 per flat feet, according to the local store.
Burnett Plaza’s most new analysis found it to be worthwhile$ 104.5 million, with residents including General Motors Financial, Kimley- Horn and Associates, and Huckabee. However, the house’s vacancy , rose to 22 percentage last quarter, according to Cushman &, Wakefield real estate data cited by the Real Deal.  ,
The average professional creating position in downtown Fort Worth is around 50 percent lower at 11.5 percentage, the outlet reported.
