An office park situated in Arlington, Texas, close to Six Flags, is confronting potential foreclosure due to an alleged loan default by its proprietor, Liberty Centerpoint LLC. The complex, officially known as Six Flags Business Park and encompassing four structures, was acquired by Liberty Centerpoint LLC in 2021 from Albany Road Real Estate Partners. The total area of the park, comprised of buildings located at 600, 616, and 624 Six Flags Drive as well as 2401 E. Randol Mills Road, is approximately 450,000 square feet. The leasing responsibilities for the property fall upon TXRE Properties. As of now, neither Opal Holdings nor its legal counsel, Pinnacle Bank, nor TXRE Properties have provided any comments regarding the matter. The property is currently occupied by multiple tenants, including the North Central Texas Council of Governments, which occupies 616 Six Flags Drive. According to records from the Tarrant Appraisal District, the business park has an appraised value of approximately $43 million. It should be noted that appraisal district valuations tend to be lower than market values. An auction for the foreclosure has been scheduled for May 7th. Alan Castetter has been appointed as trustee by Pinnacle Bank, which is headquartered in Nashville, Tennessee. It remains a possibility that Pinnacle and Opal could reach a resolution before the auction date, thereby averting a forced sale, or they may mutually agree to postpone the auction in order to continue negotiations. In addition to this property, Opal Holdings also owns the tallest tower in Fort Worth, known as Burnett Plaza. Pinnacle Bank, which also serves as a lender for that property, has alleged that the firm defaulted on a loan for the 40-story building, as reported previously by the Dallas Business Journal (DBJ). The bank asserts that Burnett Cherry Street LLC, an Opal entity, defaulted on a $13 million loan for Burnett Plaza. Burnett Cherry Street bought the tower for more than $130 million in 2021. Currently, the Fort Worth tower is embroiled in a series of legal disputes, including mechanics’ liens and lawsuits filed by contractors alleging nonpayment for renovation work. In a lawsuit filed on April 2nd in Tarrant County district court, Opal and affiliated entities accused Pinnacle Bank of attempting to force the building into default. According to an April 1st report published by the Minneapolis/St. Paul Business Journal, a sibling publication of the DBJ, another entity linked to Opal is being sued by the Minnesota credit union Wings Financial, which is seeking to foreclose on a portion of the largest office park in the Twin Cities area. Wings Financial alleges that Opal defaulted on a $41.3 million mortgage. Holden Wilen, a reporter for the DBJ, contributed to this article.
Arlington Office Park Near Six Flags Facing Foreclosure After Loan Default
