Fort Worth’s iconic Burnett Plaza, once a towering symbol of prosperity, sells for a paltry $12.3 million in a foreclosure auction. This stunning turn of events comes just three years after the building fetched a staggering $137.5 million in a previous sale, highlighting the precipitous decline in value.
Purchased by Pinnacle Bank Texas in a dramatic auction held on the steps of the Tarrant County courthouse, the 40-story behemoth’s sale marks a somber chapter in its storied history. The former owner, Burnett Cherry Street LLC, defaulted on a $13 million loan, leading to the bank’s acquisition of the property.
In a jaw-dropping twist, the bank secured the building with a credit bid of approximately $12.3 million, translating to a mere $12.30 per square foot—a far cry from its former glory. Yet, even this bargain price exceeds the dismal sale of St. Louis’ second-tallest building, which recently changed hands for a meager $2.50 per square foot.
The sale of Burnett Plaza serves as a stark reminder of the challenges facing the commercial real estate market, as once-prime properties falter under financial strain. As the industry grapples with uncertainty, the fate of iconic landmarks hangs in the balance, casting a shadow over the future of urban landscapes.
Sources:
finance.yahoo.com/news/fort-worths-tallest-building-sells-111742615.html
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