Silver Star subsidiary offloads Irving office building for $12.5M

The Good Companies bought it for less than $74 per square foot

Silver Star Subsidiary Selling Irving Office Building for $12.5M

Hartman SPE president David Wheeler and 1707 Market Place Boulevard in Irving (Getty, Hartman SPE, LoopNet)

A Silver Star Properties REIT subsidiary continues to offload office buildings in the Dallas area.

An LLC tied to the Good Companies paid $12.5 million to buy the 170,000-square-foot Westway One, at 1707 Market Place Boulevard in Irving, from Hartman SPE, the Dallas Morning News reported. That’s less than $74 per square foot. 

The sale was spurred by Houston-based Silver Star’s bankruptcy and accompanying strategy to sell off its office and retail holdings to focus on self-storage assets. 

“I believe that the debtor is unlikely to receive a higher or better offer, the purchase agreement represents the best offer obtainable at this time and under current market conditions,” Hartman SPE president David Wheeler said in a bankruptcy court filing.

The 22-year-old property is valued for tax purposes at $20.6 million. It is sandwiched between the Hackberry Creek and Valley Ranch neighborhoods. Tenants include CEC Entertainment, Pei Wei Asian Diner and Lennar Homes.

Sign Up for the undefined Newsletter

Hartman previously found buyers for a couple of other office buildings in Dallas.

It is selling a 10-story North Central Plaza I, near Interstate 635 and North Central Expressway in North Dallas, to retailer Costco, which owns adjacent property. Costco has agreed to pay $14.25 million for that 4-acre property. That price works out to almost $134 per square foot for the 106,000-square-foot building.

Hartman’s $14.1 million sale of the Gateway Tower, at 8111 LBJ Freeway in North Dallas, has also received approval from the bankruptcy court. Hamilton Commercial is buying that 15-story, 266,000-square-foot office building for almost $53 per square foot.

Hartman also sold the Prestonwood Park shopping center in Plano earlier this year. 

Silver Star owned 44 commercial properties spanning almost 7 million square feet across Dallas, Houston and San Antonio at the beginning of this year.

Recommended For You