Tuesday, August 30, 2016

Love Field boom prompts another real estate play on Mockingbird Lane

The 7-building Oakbrook Plaza complex on Mockingbird Lane was built in the 1970s. 










The ripple effect of growth around Dallas' Love Field airport is driving another real estate project.
A Grapevine investor has purchased a 9.3-acre office project just west of Love Field - the latest in a series of properties in the area to be redeveloped.
2GR Equity and Legacy Capital have acquired the Oakbrook Plaza office development at 1515 West Mockingbird Lane.
The project includes a 7-story office building surrounded by six, 1-story buildings and was constructed in the 1970s.
The buildings contain 177,000 square feet of space.
"Redevelopment activity along Mockingbird Lane was key to our interest in the property," 2GR principal Elizabeth Roll said in a statement. "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."
The new owners will remodel the buildings and have renamed the project, Mockingbird Office Park.
Dallas' TXRE will lease and manage the property. The buildings are almost 50 percent leased.
The Oakbrook Plaza purchase is a latest in a series of new investments along Mockingbird Lane between Stemmons Freeway and Love Field.
Written by Steve Brown/Dallas Morning News