Costco Buys Site for First Costco Business Center in Michigan
Posted By: CoStar on May 25, 2023. For more information, please click here to read the source article.
Popular membership warehouse club Costco has acquired land at the former Northland Mall site in Southfield, Michigan, where it plans to open its first Costco Business Center in the state.
The Washington-based retailer paid $6.5 million to acquire a 13.38-acre parcel at the corner of Northland Drive and Northwestern Highway. The deal comes out to nearly $486,000 per acre.
There, the company plans to build a Costco Business Center, a supersized version of the chain’s typical warehouses that cater to small businesses, including restaurants, caterers, wedding planners, event organizers and convenience stores.
Items sold in these stores include office furniture, professional restaurant equipment, tables and tablecloths for events, custodial equipment and cash registers, in addition to bulk food and drink items.
Unlike its standard stories, Costco Business Centers typically don’t have optical or hearing aid centers, delis, bakeries or pharmacies. The company operates roughly two dozen Costco Business Centers across the country.
The 160,000-square-foot Costco Business Center will be developed as part of Northland City Center, the redevelopment of the 100-acre Northland Mall site designed to include office, retail, medical and multifamily space.
Friedman Real Estate, which brokered the deal and confirmed the sale via a press release, did not immediately respond to a request for comment on the timeline of the project.
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