6 Blocks of Dallas' Trendy Knox Street Business District Hit Market
After building its Knox Street portfolio for nearly 30 years, Sarofim Realty Advisors –- now the largest property owner in the Knox Street Business District –- is selling six blocks of prime commercial and residential buildings.
According to the Dallas Morning News, the deal that includes almost a dozen buildings is the largest Knox Street real estate offering to ever hit the Dallas market. While the largest property in the package is the Armstrong at Knox residential and retail development with 165 luxury units, commercial buildings collectively contain 200,000-square-feet of space. Pottery Barn and Crate & Barrel are among several high-profile tenants.
The deal also includes a development site located across the street from Weir Furniture on Travis Street. The Weir family recently announced plans to raze its store built in the 1940s and replace it with a high-rise retail and office project. In turn, Sarofim had earmarked its Travis Street property for a large mixed-use project.
"That area has a buzz of activity," longtime Dallas retail broker, Jack Gosnell with CBRE, told the News. "Sarofim has done a great job of being a custodian of those properties and developing it the right way. There's tremendous potential to do more with it."
Sarofim has contracted Holliday Fenoglio Fowler to market its real estate package, which is expected to fetch a record price.