An Arlington office park may be headed to foreclosure after its owner, New York investor Opal Holdings, defaulted on a $40 million loan tied to the property.
Lender Pinnacle Bank Texas has moved to foreclose on Centerpoint, a four-building complex totaling 450,000 square feet, near Six Flags, the Dallas Business Journal reported.
Opal purchased the office park in 2021 from Boston-based Albany Road Real Estate Partners. The property, comprising addresses at 600, 616 and 624 Six Flags Drive and 2401 East Randol Mills Road, is valued at $43 million, according to the Tarrant County Appraisal District.
A foreclosure auction has been scheduled for May 7, with Pinnacle appointing Alan Castetter as trustee. It’s possible that Opal and Pinnacle could agree to new loan terms before then or to postpone the auction, allowing for continued negotiations.
Years of poor performance in the office sector have culminated in a wave of foreclosures across the state since last year. In March, commercial foreclosures in Texas increased by 129 percent year-over-year and 31 percent from the previous month
Meanwhile, Centerpoint isn’t the only troubled North Texas property on Opal’s plate. Over the past year, contractors have filed 10 mechanic’s liens totaling more than $1.6 million against the firm, alleging unpaid renovation work at the 40-story Burnett Plaza in Fort Worth. In addition, Tarrant Construction, JLL Group and Larry Short & Associates, another contractor, have filed lawsuits against Opal and its management entity.
—Quinn Donoghue
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