Burnett Plaza, the tallest and largest building in Fort Worth, Texas, was sold at a foreclosure auction last Tuesday for $12.3 million, a mere fraction of its $137.5 million sale price just three years ago.
The 40-story skyscraper, boasting over one million square feet of commercial office and retail space, was bought back by Pinnacle Bank Texas, the lender who had issued a $13 million loan to the previous owner, Burnett Cherry Street LLC, an affiliate of New York-based Opal Holdings LLC. Opal defaulted on the loan in 2021, triggering the foreclosure proceedings.
Pinnacle Bank Texas acquired the property with a credit bid of approximately $12.3 million, equivalent to $12.30 per square foot. This price is significantly lower than the building’s most recent appraisal of $104.5 million by the Tarrant Appraisal District.
Burnett Plaza, built in 1983, stands at 567 feet tall and is located at 801 Cherry Street, surrounded by a public urban park. The building’s tenants include prominent companies like General Motors Financial, Kimley-Horn and Associates, Huckabee, Freese and Nichols.
The sale comes amid legal disputes between Opal and Pinnacle. Opal filed a lawsuit against Pinnacle in April, alleging the lender forced the building into default. Additionally, contractors filed mechanic’s liens totaling over $1.6 million against Opal for unpaid renovation work at the site.
Despite the building’s challenges, its vacancy rate of 22% is still lower than the overall vacancy rate of 11.5% in Downtown Fort Worth.
In addition to Burnett Plaza, Pinnacle Bank Texas also acquired a four-building Centerpoint office park in Arlington from Opal Holdings at the same auction for $30 million.
Article generated from corporate media reports.
Independent Journalism Is Dying
Ever since President Trump’s miraculous victory, we’ve heard an incessant drumbeat about how legacy media is dying. This is true. The people have awakened to the reality that they’re being lied to by the self-proclaimed “Arbiters of Truth” for the sake of political expediency, corporate self-protection, and globalist ambitions.
But even as independent journalism rises to fill the void left by legacy media, there is still a huge challenge. Those at the top of independent media like Joe Rogan, Dan Bongino, and Tucker Carlson are thriving and rightly so. They have earned their audience and the financial rewards that come from it. They’ve taken risks and worked hard to get to where they are.
For “the rest of us,” legacy media and their proxies are making it exceptionally difficult to survive, let alone thrive. They still have a stranglehold over the “fact checkers” who have a dramatic impact on readership and viewership. YouTube, Facebook, and Google still stifle us. The freer speech platforms like Rumble and 𝕏 can only reward so many of their popular content creators. For independent journalists on the outside looking in, our only recourse is to rely on affiliates and sponsors.
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Independent media is the future. In many ways, that future is already here. While the phrase, “the more the merrier,” does not apply to this business because there are still some bad actors in the independent media field, there are many great ones that do not get nearly enough attention. We hope to change that one content creator at a time.
Thank you and God Bless,
JD Rucker
