An office park near Six Flags Over Texas in Arlington is facing a possible foreclosure after Nashville-based Pinnacle Bank alleged in a Tarrant County court filing that a New York investor has defaulted on a $40 million loan.
The office park, listed as Six Flags Business Park in Tarrant County records, is a four-building property at 600, 616, and 624 Six Flags Drive and 2401 E. Randol Mill Road. Pinnacle Bank said in the filing, first reported in the Dallas Business Journal, that Liberty Centerpoint LLC, part of New York-based Opal Holdings LLC, defaulted on the loan it made in August 2021.
Opal Holdings bought the renovated 450,000-square-foot Centerpoint office park from Boston-based Albany Road Real Estate Partners in 2021. Leasing of the property is handled by TXRE Properties. Among the tenants of the office park is the North Central Texas Council of Governments, at 616 Six Flags Drive.
According to Tarrant Appraisal District records, the total appraised value of the business park is about $43 million, but appraised values often are lower than the sale value of a property.
The Business Journal reported that a foreclosure auction is scheduled for May 7 and that Austin-based Alan Castetter has been appointed trustee. It is possible an agreement could be reached before that date, however, and stave off a foreclosure.
Centerpoint is not the only Tarrant County property facing foreclosure proceedings by Pinnacle Bank, which separately alleged that Opal Holdings has defaulted on a $13 million loan involving Fort Worth’s Burnett Plaza, the tallest office tower in the city, at 40 stories. An affiliate of Opal Holdings bought the building in 2021 for $137 million, according to ConnectCRE, a Texas real estate news site.
Opal Holdings faces other legal challenges with Burnett Plaza, as mechanics’ liens totaling more than $1 million have been filed against the owners by various companies, including Tarrant Construction Services, the Business Journal reported.
Opened in 1983, Burnett Plaza is a 1.02 million-square-foot office building at 801 Cherry St. in downtown Fort Worth.
According to the Business Journal, Opal Holdings and its related entities alleged in an April 2 lawsuit filed in Tarrant County district court that Pinnacle Bank has tried to force the building into default.
Commercial foreclosures have been on the rise in Texas after years of poor performance in the office sector led to a wave of recent foreclosures, according to The Real Deal real estate news website. In March, commercial foreclosures in Texas rose by 129% year-over-year and were up 31% from the previous month, Real Deal reported.
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