{"id":1004131429,"date":"2015-11-13T09:35:15","date_gmt":"2015-11-13T17:35:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004131429"},"modified":"2022-12-09T01:09:44","modified_gmt":"2022-12-09T09:09:44","slug":"cbre-global-investors-adds-mockingbird-station-to-dallas-mix","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-global-investors-adds-mockingbird-station-to-dallas-mix\/","title":{"rendered":"CBRE Global Investors Adds Mockingbird Station to Dallas Mix"},"content":{"rendered":"
\"Kim<\/a>

Kim Hourihan<\/p><\/div>\n

By Gail Kalinoski, Contributing Editor<\/em><\/p>\n

Attracted by the region\u2019s strong economy, CBRE Global Investors is beefing up its interests in Dallas, where one of its funds has acquired Mockingbird Station, a Class A, mixed-use lifestyle center totaling 560,468 square feet.<\/p>\n

\u201cThe Dallas economy is expanding rapidly as all major sectors add jobs at a brisk pace. Long-term, Dallas will benefit from its high concentration of corporate headquarters, diverse economy, above-average population growth and well-educated workforce,\u201d Kim Hourihan, portfolio manager, CBRE Global Investors, said.<\/p>\n

The Los Angeles-based global real estate investment management firm did not disclose the price or the name of the fund that acquired the asset. The same fund bought Premier Place, a Class A office tower that is adjacent to Mockingbird Station, in November 2013.<\/p>\n

The Dallas Morning News reported that the property, the first transit-oriented, mixed-use development to be built in North Texas, had been owned by an unidentified European investment group since 2005.That ownership added a two-story retail building in 2007, according to the newspaper.<\/p>\n

Located at 5307, 5321 and 5331 East Mockingbird Lane, the property features retail space, an office tower and luxury loft-style apartments in the heart of Dallas. The development, constructed in 2001, is built around Mockingbird Station, a major stop on the DART Light Rail system that serves the Dallas-Fort Worth area. The property is located directly off I-75 and is adjacent to Southern Methodist University.<\/p>\n

The 10-story office tower has 148,878 square feet of space and is 94 percent occupied. It has an adjacent parking garage with 177 spaces. The retail component has 197,367 square feet and is 92 percent occupied. It includes restaurants, an eight-screen movie theater, full-bar comedy club and local and national branded shops and boutiques.<\/p>\n

Hourihan told Commercial Property Executive<\/em> they plan to add 10,000 to 15,000 square feet of new restaurant concepts to the mix and make some upgrades to the property, including adding more outdoor seating and landscaping.<\/p>\n

\u201cWe think it\u2019s got a great set of bones,\u201d she said. \u201cWe\u2019re excited to reshape and add to what is already a unique and great property. We\u2019re definitely looking at the retail component, the common areas space and the flow of the property in general.\u201d<\/p>\n

The development has 211 loft-style luxury apartments, which are 96.7 percent occupied. The team is planning upgrades such as installing new countertops, tile backsplashes, premium fixtures and washer\/dryers. Improvements will also be made to the entranceway, leasing office and amenities.<\/p>\n

\u201cNumerous demand drivers, coupled with improved management and the implementation of our signature \u2018Inspired Lifestyle\u2019 program as well as upgrades to unit interiors and amenities will position the property as the premier apartment community within the submarket,\u201d Steve Gullo, managing director, CBRE Global Investors Multi-Housing Group, said.<\/p>\n

\u201cThe loft apartments are just really unique in the marketplace. There is nothing like it in Dallas,\u201d Hourihan told CPE.<\/em><\/p>\n

Hourihan said the close proximity of Premier Place, which has a Lifetime Fitness Center on its property, will allow the fund to take advantage of synergies between the two assets.<\/p>\n

Dallas is a target market for the fund as well as numerous other funds overseen by CBRE Global Investors. In late September, CBRE Strategic Partners U.S. Value 7 acquired Galleria Towers,<\/a> an iconic 1.4-million-square-foot, three-building, Class A office complex in Dallas. The same fund purchased BLVD, a Class A, 417-unit, midrise apartment community in Dallas within walking distance of the Mockingbird Station development and DART rail station, in July. Last December, a different CBRE Global Investors fund acquired Gramercy on the Park, a Class A, 535-unit midrise apartment complex in another area of Dallas.<\/p>\n

\u201cWe like the Dallas story of job growth and a diversified economy, and Toyota hasn\u2019t even moved there yet,\u201d Hourihan said, referring to Toyota\u2019s plans to move its North American headquarters to about 2.1 million square feet of office space in nearby Plano, Texas, by 2017. \u201cWe think there is still room to run there.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

A look at the 560,468-square-feet mixed-use community.<\/p>\n","protected":false},"author":443,"featured_media":1004131431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21752,21742],"tags":[],"class_list":["post-1004131429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-mixed-use","category-latest"],"acf":[],"yoast_head":"\nCBRE Global Investors Adds Mockingbird Station to Dallas Mix - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbre-global-investors-adds-mockingbird-station-to-dallas-mix\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Global Investors Adds Mockingbird Station to Dallas Mix\" \/>\n<meta property=\"og:description\" content=\"A look at the 560,468-square-feet mixed-use community.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-global-investors-adds-mockingbird-station-to-dallas-mix\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-13T17:35:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:09:44+00:00\" \/>\n<meta name=\"author\" content=\"Jessica Fiur\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Kim-Hourihan.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-adds-mockingbird-station-to-dallas-mix\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-adds-mockingbird-station-to-dallas-mix\\\/\"},\"author\":{\"name\":\"Jessica Fiur\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0bf67d338f2b97c9e1194fabf816e9c3\"},\"headline\":\"CBRE Global Investors Adds Mockingbird Station to Dallas Mix\",\"datePublished\":\"2015-11-13T17:35:15+00:00\",\"dateModified\":\"2022-12-09T09:09:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-adds-mockingbird-station-to-dallas-mix\\\/\"},\"wordCount\":661,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-adds-mockingbird-station-to-dallas-mix\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/11\\\/Kim-Hourihan.jpg\",\"articleSection\":[\"Dallas\",\"Mixed Use\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-adds-mockingbird-station-to-dallas-mix\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-adds-mockingbird-station-to-dallas-mix\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-adds-mockingbird-station-to-dallas-mix\\\/\",\"name\":\"CBRE Global Investors Adds Mockingbird Station to Dallas Mix - 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