A fund advised by Crow Holdings Capital has snapped up The Shops at Mockingbird, a roughly 77,000-square-foot shopping center just minutes from Dallas Love Field. The property at 4550 West Mockingbird Lane spans about 6.4 acres, was developed in 2008 and is anchored by an LA Fitness. Dunhill Partners sold the center, and the sales price is staying under wraps for now.
Deal details
The Real Deal reports that Dunhill Partners sold the property to a fund advised by Crow Holdings Capital, with JLL Capital Markets Senior Managing Director Adam Howells brokering the transaction. The outlet notes that the buyer appears to be zeroing in on stabilized retail assets in high-income trade areas, the kind of centers that are more steady cash cow than fixer-upper.
Property profile
The Shops at Mockingbird is about 94.7 percent leased and sits at the intersection of Mockingbird Lane and Lemmon Avenue, just west of Highland Park, according to The Dallas Morning News. The Dallas Central Appraisal District pegs the property's tax value at $25.5 million, and Dunhill CEO Bill Hutchinson told the paper the center has been "one of several crown jewels" in the firm's portfolio. Built in 2008, the project lines up a mix of national and regional tenants around its LA Fitness anchor.
Crow's retail play
The deal continues an active stretch for Crow-backed funds. Earlier this year, a roughly 54,000-square-foot retail campus in Oak Brook traded for about $44 million, according to Hoodline. The Love Field acquisition also follows a series of refinance transactions covering 194 properties across 30 states, as detailed by The Real Deal, underscoring steady investor appetite for well-located neighborhood centers in affluent trade areas.
What it means locally
For shoppers and tenants near Love Field, the handoff is expected to feel more like a baton pass than a demolition notice. Brokers say stabilized shopping centers with high occupancy typically keep their existing service and fitness tenants rather than rush into redevelopment. Dunhill framed the sale as the culmination of a long-term strategy and highlighted the center's street frontage and affluent trade area in its announcement, which is posted via GlobeNewswire.
