Pinnacle Bank Takes Back Distressed Arlington Office Park
The investor of a four-building business Park in Arlington has lost that investment, to the bank that had the loan on it. Pinnacle Bank Texas took back the office park at auction for $30 million from Opal Holdings. Opal Holdings defaulted on a $40 million loan the bank made in 2021.
The Dallas Business Journal reports that Opal Holdings bought the renovated Centerpoint office park in Arlington from Boston-based Albany Road Real Estate Partners in 2021. The park is legally listed as the Six Flags Business Park in Tarrant County records.
The office park at 600, 616, and 624 Six Flags Dr. and 2401 E. Randol Mill Road has about 450,000 square feet of space. TXRE Properties handles leasing of the property. The buildings are home to a variety of tenants including the North Central Texas Council of Governments at 616 Six Flags Dr.
The appraised value of the office park is about $43 million, according to Tarrant Appraisal District records.
