Wednesday, June 08, 2005

Downtown Dallas Real Estate News

Downtown Dallas Real Estate News

EUROPEANS ARRIVE AT MOCKINGBIRD STATION

DALLAS (DallasNews.com) – A group of European investors represented by Real Estate Capital Partners has purchased Mockingbird Station, a mixed-use development built around the Mockingbird light rail station on North Central Expressway east of Southern Methodist University. The sellers were Simpson Property Group (one of the original developers) and a Michigan pension fund.

The development includes 211 loft apartments, an eight-screen Angelika cinema, a Virgin Entertainment superstore, shops, restaurants and about 140,000 square feet of office space. The retail is more than 85 percent leased and the office building is 68 percent leased.

Mockingbird Station’s original developer Ken Hughes said, “Europeans tend to better understand mixed-use developments. Clearly they understand much better than American investors the value of being on a transit station.”