LOS ANGELES – November 12, 2015 – A fund advised by CBRE Global Investors has acquired Mockingbird Station, a Class A, mixed-use lifestyle center in Dallas totaling 560,468 square feet that seamlessly blends premier lifestyle retail space, an office tower and luxury loft-style apartments.
Located at 5307, 5321, & 5331 East Mockingbird Lane, the property has a highly desirable infill location within the heart of Dallas, just north of downtown, and is centrally positioned in one of the most densely populated and affluent areas in Texas. The transit-oriented development is built around Mockingbird Station, a major stop for the DART Light Rail system that serves the entire Dallas-Fort Worth area, and is also located directly off I-75, one of Dallas’s busiest highways, giving the center superior visibility. It is also adjacent to the campus of Southern Methodist University, which is another important demand driver.
Mockingbird Station includes a 10-story, 148,878 square foot office tower that is 94 percent occupied with an adjacent parking garage containing 177 spaces.
The 197,367 square foot retail component, which is 92 percent occupied, includes a diverse collection of restaurants, an eight-screen movie theater, a full-bar comedy club, and small boutiques balanced with national fashion retailers to create a dynamic shopping, dining and entertainment destination.
The only property in the competitive set that features loft-style multifamily units, Mockingbird Station includes 211 luxury apartments, which are 96.7 percent occupied. The team is planning upgrades to select components throughout the units which include the installation of updated solid surface countertops, tile backsplashes, premium fixtures and washer/dryers. To complement the proposed interior renovation program, the team is also planning to upgrade the property’s entranceway, leasing office, and amenities.
A project to extend the popular Katy Trail to run adjacent to the property will provide Mockingbird Station with exceptional walkability, solidifying its status as the premier mixed-use destination in the city’s urban landscape.
Dallas is a target market for the fund, with this project adjacent to Premier Place, a Class A office tower currently owned by the same fund. This will allow the fund to take advantage of synergies between the two properties.
“The Dallas economy is expanding rapidly as all major sectors add jobs at a brisk pace,” said Kim Hourihan, Portfolio Manager, CBRE Global Investors. “Long-term, Dallas will benefit from its high concentration of corporate headquarters, diverse economy, above-average population growth and well-educated workforce.”
“Numerous demand drivers, coupled with improved management and the implementation of our signature ‘Inspired Lifestyle’ program as well as upgrades to unit interiors and amenities will position the property as the premier apartment community within the submarket,” said Steve Gullo, Managing Director, CBRE Global Investors Multi-Housing Group.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.0 billion in assets under management* as of September 30, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.