MacArthur Park. Image courtesy of CBRE Investment Management
CBRE Investment Management has purchased MacArthur Park, a 425,612-square-foot grocery-anchored retail center in Irving, Texas. CBRE acquired the asset on behalf of a client through a joint venture with EDENS.
Completed in 1999, the neighborhood center encompasses six buildings on a 47.6-acre site and features electric vehicle charging stations and approximately 1,640 parking spaces.
Anchored by Target, Kroger, Office Depot, TJ Maxx, Michaels, Ross and Ulta, MacArthur Park has a diverse mix of lessees, including medical office and restaurant tenants and grocery, beauty and fashion retailers. Other tenants at the property include Sephora, Victoria’s Secret, Bath & Body Works, GameStop, Edohana Sushi, Home Goods, Hallmark and Las Colinas Urgent Care.
The shopping center is located in the Las Colinas submarket at 7505 N. MacArthur Blvd. The property is near the intersection of Interstate 635 and the George Bush Turnpike, which provide easy access to the Dallas-Fort Worth metropolitan area. According to EDENS, the retail center serves a population of 214,115 within a five-mile radius, with an average household income of $106,236.
EDENS has recently secured a $90 million, fixed-rate loan for two Class A retail properties totaling 394,108 square feet in Boston’s northern suburbs. Last December, the company purchased three grocery-anchored shopping centers totaling over 400,000 square feet for a total of $136.8 million.
