The 290,000-square-foot Preston Plaza in far North Dallas is on the block. Bids to purchase the 10-story building at 17950 Preston Road must be submitted between November 10 and 12. Bids start at $2.25 million. Cushman & Wakefield is marketing the property. Cushman touts the office property could easily be converted into apartments, hotel or retail.
The Dallas Business Journal reports the tower has experienced financial and occupancy challenges in recent years and is currently 35% leased. The property was last renovated in 2015, which resulted in a new atrium lobby with retail space, an updated conference center and a fitness center.
The building is currently owned by an entity tied to K-Star Asset Management. The LLC purchased the building at a foreclosure auction in April for $13.85 million, following issues that had arisen with the prior owner, Houston-based Tanglewood Property Group.
The post Preston Plaza on the Auction Block appeared first on Connect CRE.
​Â