JLL Capital Markets arranges recapitalization of the 425,612-square-foot, well-located MacArthur Park in Irving, TX

  

Erin Lazarus

DALLAS, TX – JLL Capital Markets has arranged the recapitalization of MacArthur Park, a 425,612-square-foot, top-performing retail center located within the DFW metroplex in Irving, Texas.

 

The center is a hybrid, dual grocery-anchored power center with Kroger, Target (Shadow) and other large format retailers, such as Ross, HomeGoods/TJ Maxx and Michaels.

 Megan Babovec 

JLL worked on behalf of the ownership which consisted of funds managed by Goldman Sachs Asset Management, and EDENS, to recapitalize the project. CBRE Investment Management stepped up as a new investor in the venture.

 Barry Brown

The JLL Retail Capital Markets Debt Advisory team was led by Senior Managing Director Barry Brown and Chris Gerard, Director Erin Lazarus and Analysts Megan Babovec and Cole Sutter.

 

 In addition to Kroger and Target (shadow), the 98-percent-leased MacArthur Park is also anchored by HomeGoods / TJ Maxx, Ross, Michaels and Office Depot.

 

Other notable tenants include Bath and Body Works, Victoria’s Secret, T-Mobile, Amy’s Hallmark, James Avery, Mattress Firm, Half Price Books, Ulta Beauty, Jason’s Deli and Sephora. 

 Chris Gerard

Over 88% of MacArthur Park’s income stream is generated from national and institutional-grade credit tenancy, with local businesses comprising of the remaining 12% of overall revenue.

The center boasts an average tenant tenure of 6.2 years, a WALT of 3.3 years and over 5.8 million visits annually, ranking it amongst the top 3% of centers in the U.S.

 

The center is located 7505 N. MacArthur Blvd. and is strategically set within Irving’s high-growth, master-planned urban center, Las Colinas.

 

It is positioned at the intersection of Interstate 635 and President George Bush Turnpike, offering visibility to over 260,000 vehicles per day and over $5.8 billion in consumer spending power within a 10-minute drive.

Cole Sutter

Within a five-mile radius is a daytime population of 348,062 and an average household income of $106,828. MacArthur Park is easily accessible by President George Bush Turnpike, Interstate 635 and Texas State Highway 114, and it is just a 17-minute drive to downtown Dallas.

 

 

CONTACT:

 

 Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com