**Preston Plaza Hits the Auction Block in North Dallas**
The 290,000-square-foot Preston Plaza, located in far North Dallas, is officially on the market. Bids for the 10-story office building at 17950 Preston Road will be accepted from November 10 through November 12, with starting bids at $2.25 million.
Cushman & Wakefield is marketing the property, highlighting its redevelopment potential. According to the firm, given its layout and location, the Preston Plaza building could be converted into apartments, a hotel, or retail space.
The building is currently facing both financial and occupancy challenges, with tenant occupancy sitting at approximately 35%. Originally constructed decades ago, the property underwent a renovation in 2015 that included updates such as a modern atrium lobby with retail space, a conference center, and a fully equipped fitness facility.
Preston Plaza is currently owned by an entity tied to K-Star Asset Management. The group acquired the property in April at a foreclosure auction for $13.85 million. The previous owner, Houston-based Tanglewood Property Group, lost control of the property amid financial difficulties.
With prime real estate and redevelopment flexibility, Preston Plaza presents a unique investment opportunity in one of Dallas’s fastest-growing corridors.
