Costco Wholesale is officially the owner of the North Central Plaza office building, according to county deed records.
The Issaquah, Wash.-based retailer has occupied an office building in recent weeks at 12655 North Central Expressway in Dallas. This has been expected since late last year, when a proposed takeover of the real estate company was listed in a bankruptcy court filing.
Costco has agreed to pay $14.25 million for the nearly 200,000-square-foot high-rise as Hartman SPE, a division of Houston's Silver Star Properties REIT, focuses on self-storage investments. The two companies entered into a sales agreement in December.
The 10-story North Central Plaza I office tower is located on approximately 4 acres on the west side of US 75, just south of the LBJ Freeway, next to an existing Costco retail store.
Some speculated that Costco would use the land to expand its store footprint, but filings with the Texas Department of Licensing and Regulation indicate otherwise.
The retailer already plans to spend millions of dollars updating, repairing and maintaining the office, which was built in 1982. These span more than 34,000 feet, including improvements to some of the tenants' office space, equipment maintenance and security upgrades, according to the filing.
Construction work will begin this month, with handover of the improvements scheduled for the end of the year.
MG2 Architecture Corporation of Seattle is listed as the design firm for the work.
Costco did not respond to a request for comment.
