Costco's offer is slightly higher than the $14.1 million market value published by the Dallas Central Appraisal District.
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Costco Wholesale plans to buy a 10-story office tower on Route 75 next to its Dallas store after the building's owner filed for bankruptcy protection.
The retail giant made the highest offer of $14.25 million for North Central Plaza I, a 198,000-square-foot office building at 12655 North Central Expressway, according to federal court documents. Ta.
The building is located on approximately 4 acres adjacent to a Costco store on Churchill Way near the intersection of Route 75 and Interstate 635, and is one of 13 Costco stores in the Dallas-Fort Worth area. There is one.
Another bidder placed a bid just under $12.1 million, according to court documents. Costco's offer is slightly higher than the $14.1 million market value published by the Dallas Central Appraisal District.
Owner Houston-based Hartman SPE LLC filed for Chapter 11 bankruptcy protection in September as its parent company, Silver Star Properties REIT, focuses on investing in self-storage real estate. Meanwhile, the company has been selling offices and commercial facilities.
Nationally, Costco is purchasing similar properties for its new operations center, including a former Hertz office building in Oklahoma City and a smaller office building in Springfield, Va., adjacent to a planned expansion store, according to Costco News. are purchasing.
It remains unclear why the company purchased the Dallas building. Costco did not respond to a request for comment.
“They'll probably tear it down,” Mike Geisler, managing partner at Dallas retail brokerage firm Venture Commercial, speculated to Coster News. He was not involved in the transaction. “Everyone is doing a lot of things in their fulfillment centers right now, there's a lot of experimentation going on, and it's only natural that we want to offer more convenience to our customers.”
About 72% of the office building is leased, with the largest tenants including Zion Oil & Gas, Move It Storage and Cadence Bank, according to data from CoStar Group.
