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11/15/2012

Downtown Fort Worth office building posted for foreclosure

A foreclosure notice has been posted on a downtown Fort Worth office building after the owner defaulted on an $11 million note on the property.

The ownership group, 300 Burnett, Llc., an entity of Peloton Real Estate Partners in Dallas, bought the 129,000-square-foot building at Third and Burnett streets in November 2007 and financed the deal through Lincoln National Life Insurance Co. in Fort Wayne, Ind., deed records show. That loan matured Oct. 1 and the lender posted the property Nov. 13 for the Dec. 4 sale.

Murl RichardsonÖ , a Peloton development partner, declined to comment on the posting.

Not all properties posted are foreclosed because the owner is able to come current on the note.

The building, built in 1976 and the former headquarters for Inspire Insurance Co., is now a multitenant Class B office building. The property is about 62 percent leased.

The Peloton group bought the building from a father-and-son investment team from Midland, which owned the property since December 2003. Inspire Insurance Co. was formed in 1995 as a spin-off of Fort Worth insurer Millers Insurance Group, which filed for bankruptcy in 2002.

_ Sandra Baker

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