Costco Further Expands Its Issaquah Footprint With $6.4M Acquisition
ISSAQUAH, WA - Some of us choose to live in the now, but it seems that many of retail’s finest prefer to live in the future. Costco, for example, is always looking ahead. With each move the company makes, there is a methodical chain of events that are sure to follow. In its latest move, Costco acquired a pivotal property in Issaquah, Washington, for $6.4 million with plans for further expansion already on the horizon.
"I think we'll use the existing building for additional corporate capacity," Senior Vice President of Real Estate Dave Messner said of the facility which formerly housed a Barnes & Noble store.
According to Puget Sound Business Journal, the acquisition of this 1.5-acre property was announced yesterday, Wednesday August 5, and will be used to facilitate a future headquarters expansion. This follows another recent acquisition in which Costco purchased a nearby building which formerly housed a movie theater for $10 million.
Messner went on to note that each of these acquisitions are in addition to another of Costco’s ongoing projects, which includes a 1.2 million square-foot expansion. All of these buildings are now under construction, and Costco expects this most recent acquisition to facilitate an office building which will open in spring 2022. With room for 4,000 employees, the company plans to consolidate corporate employees to bolster the new headquarters.
Does Costco have even more acquisitions in the works as it champions this aggressive expansion? I’ve got my money on it, so stick with us at ANUK.