Ron Vachris Of Costco Wholesale Buys North Central Expressway Office For $14.25M | 12655 North Central Expressway | Office | Sale

Summary

Sale

TEXAS

Office

198,000 sqft

The North Central Plaza I office tower in North Dallas has been acquired by Costco Wholesale Corp. from Silver Star Properties REIT for $14.25 million. The Class-B building, spanning 198,000 square feet, was about 71% leased at the time of sale. Costco aims to revitalize the 1980s-era property by investing $13 million in a renovation project expected to be completed by the end of the year.

Summary of transaction details:

Property Type: Office
Transaction Amount: $14,250,000
Address: 12655 North Central Expressway
Market: Dallas

Ron Vachris, representing Costco Wholesale Corp., facilitated the acquisition of the office tower. David Wheeler, on behalf of Silver Star Properties REIT, finalized the sale of the property to Costco. Costco's strategic plans align with their efforts to revitalize commercial spaces near their established locations, as seen in previous redevelopment projects across different cities.

Details

Deal Summary

SOLD

IMAGE: Ron Vachris & David Wheeler DATE: 04/09/2024 ADDRESS: 12655 North Central Expressway MARKET: Dallas ASSET TYPE: Office BUYER: Ron Vachris - Costco Wholesale Corp. (@Costco) SELLER: David Wheeler - Silver Star Properties REIT (@SilverStarREIT) SALE PRICE: $14,250,000 SF: 198,000 ~ PPSF: $72 NOTE: Costco Wholesale Corp. acquired the North Central Plaza I office tower in North Dallas for $14.25 million, planning a $13 million renovation project for the 1980s-era property, expected to conclude by the end of the year. The 198,000-square-foot Class-B building, purchased from Hartman SPE, was about 71% leased at the time of sale, with Costco aiming to revitalize the space near one of its major Dallas stores, following similar commercial redevelopment endeavors in other locations like Denver, Oklahoma City, and Springfield, Virginia.

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Address12655 North Central Expressway

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