2GR Equity LLC, a commercial real estate investment firm based in Grapevine, said Aug. 22 it has made its third equity investment into a joint venture with Dallas-based real estate investment firm Legacy Capital Co.

The newly-formed JV has acquired 9.33 acres, including 177,000 square feet of existing office buildings, located at 1515-1575 W. Mockingbird Lane in Dallas. The site boasts almost 650 feet of frontage along Mockingbird and has a signalized intersection at the southeast corner of the site at West Mockingbird Lane and Oakbrook Boulevard. The improved property has a seven-story office tower surrounded by six, one-story garden office buildings.

“Redevelopment activity along Mockingbird Lane was key to our interest in the property,” said 2GR Equity principal Elizabeth Roll. “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.”

Currently named Oakbrook Plaza, the JV intends to rebrand the property “Mockingbird Office Park” and plans to implement a capital improvement plan that will include both interior and exterior common area upgrades.

Dallas-based TXRE has been retained to lease and manage the property.

Formed in March 2011 by principals David Gregory, Elizabeth Roll and Isaac Gregory, 2GR manages three diversified real estate funds and has invested in 21 properties with a total capitalization of almost $210 million. 2GR focuses on value-add commercial real estate investments throughout major and secondary markets in Texas. 2GR investment opportunities are made available primarily to Fee-Only Registered Investment Advisors and Family Offices.

Legacy Capital, formed in 1992, specializes in land investment. Legacy has made 32 acquisitions and 70 sales primarily in the Dallas-Fort Worth market. The company currently owns several parcels of land in the D-FW Metroplex and San Antonio.

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