A group of real estate firms in Minnesota are buying a 1.4-acre tract of land in the Dallas-Fort Worth metro area that once housed a thriving textile mill, according to a report by The Wall St. Journal.
The firm, which includes an Asian buyer and a Mexican investor, bought the land in late 2017 from a real estate developer who sold the property in the 1980s to a family of investors who built a luxury shopping center.
The land is currently used as a parking lot for a chain of shopping centers.
The land has been in the family for years.
A spokesperson for the family, the Pahoehoe family, told The Wall ST that the property was bought for $2.5 million by a local real estate company.
“This is an important property to the Pahsoehoe, a family who have built their reputation in the community and who have been part of the fabric of the community for decades,” the spokesperson said.
For the PAHOHE family, buying the land is about revitalizing the area, which has seen more than 2 million square feet of new development since the 1980-1990 period.
“[The land] is a huge asset to the community,” the family’s spokesperson told The Journal.
“We are very grateful to the developers who bought it, and hope they will continue to support our community.”