Texas real-estate giant Texas Real Estate Investors Group Inc. has announced plans to sell its land in the Dallas-Fort Worth area, valued at more than $7 million, for $2.5 million.
In an email to clients, the real estate group said it is the first major company to make this decision in the region.
“This is a strategic opportunity to accelerate our growth in Texas, as well as further position the company to provide an exceptional service to our valued clients,” Texas Real estate investors CEO Tom Clements said in a statement.
The sale will be a one-off, and will not affect existing properties in the area.
It is expected to close in the first half of 2019.
The Dallas-Ft Worth area is a growing economic engine in Texas and is one of the fastest-growing markets in the nation, and the Dallas/Fort Worth metropolitan area is home to more than 5 million residents.
Dallas is a major hub for the Texas real property industry, and has a growing number of high-end real estate properties, including some that are listed for sale.
For the past several years, Texas Real Property Investors Group has been aggressively trying to expand its portfolio of properties in Dallas, which includes several large properties in downtown Dallas.
At one point, the company was listed on the Dallas Stock Exchange, which means it could be on the market as soon as 2021.
As the country continues to tighten its economic outlook, it is imperative for real estate investors to diversify their investments and to build their portfolios.
Texas Real Estate investors is a real estate investment trust, which is a type of corporation with a limited liability company that is limited in the amount of its assets.
However, Texas Realtors has been making strides as a real- estate investment company in recent years.