Thursday, August 18, 2005

DEVELOPER BUYS MCKINNEY AVENUE BLOCK

DALLAS (dallasnews.com) — SNK Realty Group of Phoenix, Ariz., is purchasing a block of McKinney Avenue. The site bounded by McKinney, Routh, State and Fairmount Streets has been owned by the Kasnetz family of Dallas for over 30 years.

According to real estate broker Michael Turner of J. Elmer Turner Realtors, who was an adviser to the Kasnetz family on the sale, SNK Realty is studying plans for hotel, retail and high-rise residential construction for the block. Some of the businesses on the block may be relocated to other commercial buildings the Kasnetz family owns along McKinney Avenue.

Terms of the sale were not disclosed, but area properties have traded for more than $70 per square foot. The purchase is pending but is expected to be completed this week.