Steve Brown of the Dallas Morning News is reporting:
“The largest owner in Dallas’ hot Knox Street business district is putting its properties up for sale.
Sarofim Realty Advisors has spent almost three decades buying and developing retail and apartment projects in the Knox Street corridor. It owns owns development sites along Travis Street.
The private real estate firm — they built the new high-rise apartment and retail project at Cole and Armstrong avenues that houses Trader Joe’s — has quietly put the buildings and land located on six blocks just east of Highland Park up for sale.”
This is huge news. Sarofim has been the largest player in this area for a long time. For years they’ve planned to develop the block on the southwest corner of Knox and Travis, but nothing has been done. It leaves me to believe they think the end of the cycle is nearing and want to lock in some of the upside they have helped to create. We will continue to follow this story.