The tallest building in Fort Worth, Texas has been sold for a high price. foreclosure auction According to , it was less than 9 percent of the purchase price just three years ago. dallas business journal.
Barnett Plaza, a massive 40-story commercial and office tower built in 1983, was bought back at auction last Tuesday by Pinnacle Bank Texas for just $12.3 million. sold In 2021, it will be more than $137.5 million.
The bank said the building’s former owner, Barnett Cherry Street LLC, defaulted on a $13 million loan used to purchase the building.
Pinnacle bought it back for just $12.30 per square foot, according to a local dealer.
Barnett Plaza’s most recent appraisal found it was worth $104.5 million, with tenants including General Motors Financial, Kimley Horn & Associates and Huckabee.However, the building vacancy That rose to 22% last quarter, according to real estate data from Cushman & Wakefield cited by The Real Deal.
The average vacancy rate for commercial buildings in downtown Fort Worth is about 50 percent lower, at 11.5 percent. report.
