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Mockingbird Asset Catches Eye of Joint Venture

DALLAS—With the end of the Wright Amendment boosting traffic at Love Field, the ever-expanding Medical District and developments in the immediate area, Mockingbird Lane is one of hottest areas in Dallas.

By Lisa Brown | lisabrown | | Updated on August 30, 2016
office The JV intends to rebrand the property Mockingbird Office Park.
DALLAS—A newly formed joint venture has acquired 9.33 acres including 177,000 square feet of existing office buildings located at 1515-1575 West Mockingbird Ln. Currently named Oakbrook Plaza , the joint venture intends to rebrand the property Mockingbird Office Park and plans to implement a capital improvement plan that will include both interior and exterior common area upgrades. 2GR Equity , a commercial real estate investment firm based in Grapevine, TX, has partnered in its third equity investment, a joint venture with Dallas/Fort Worth-based real estate investment firm, Legacy Capital Company . The site boasts almost 650 feet of frontage along Mockingbird and has a signalized intersection at the southeast corner of the site at West Mockingbird Lane and Oakbrook Boulevard.   The improved property consists a seven-story office tower surrounded by six, one-story garden office buildings. According to 2GR Equity principal, Elizabeth Roll , the property has great potential.   “Redevelopment activity along Mockingbird Lane was key to our interest in the property. With the end of the Wright Amendment boosting traffic at Love Field, the ever-expanding Medical District and multiple multifamily, retail and hospitality developments either planned or underway in the immediate area, Mockingbird Lane is one of the most exciting areas in Dallas,” says Roll.    The future Mockingbird Office Park consists of a central seven-story office tower, surrounded by six single-story office buildings. In aggregate the property comprises 176,917 rentable square feet of high quality office space, and includes ample parking with 584 surface parking spaces and 86 garaged spaces. It is currently leased with an existing tenancy comprised of local, regional and national tenants, and several agencies of the State of Texas, according to LoopNet . The office park is adjacent to the Southwestern Medical District, which includes University of Texas Southwestern Medical Center, Parkland Memorial Hospital and Children’s Medical Center . The Medical District is one of the region’s major employment centers, an engine for growth and currently undergoing a rapid expansion. Roll tells GlobeSt.com: “The site provides some of the largest contiguous frontage on the heavily traveled Mockingbird and is zoned mixed use, which makes it ideal for future redevelopment.”   Dallas based TXRE has been retained to lease and manage the property.  

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