Author: Mia Goulart

Recapitalization secured for dual grocery-anchored retail center within DFW metroplex

Posted on by Mia Goulart

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.

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.

In addition to Kroger and Target (shadow), the 98% 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. 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. 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.

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.

Greystone provides $20.9 million affordable housing loan for Texas rental community 

Posted on by Mia Goulart

Greystone, a leading national commercial real estate finance company, has provided a $20.9 million Fannie Mae Multifamily Affordable Housing (MAH) loan for the acquisition of Parkside Place, a 321-unit, income and rent-restricted garden apartment complex located in Pasadena, Texas. The financing was originated by Michael Zampetti, senior managing director in Greystone’s New York office. 

Parkside Place consists of 27 two-story apartment buildings situated on an 11.24-acre site. Constructed in 1969, the property was renovated in 2018 and includes amenities such as a leasing office, two pools, on-site management, a laundry facility, a business center and private patios. There are 526 total parking spaces, including reserved handicap spaces and carports. 

Sale of super regional retail center in DFW area closes

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Eastchase Market, a 261,730-square-foot retail center located in Fort Worth, Texas.

JLL represented the seller in this transaction.

Built in 1995, Eastchase Market is 91.9% occupied and features a WALT of 5.3 years. Anchor tenants include AMC Theatres, Ross Dress for Less, Spec’s, Big Lots, Harbor Freight Tools and Marshalls. Additionally, the center benefits from its shadow anchors, Target and Aldi. The property has received approximately three million visitors over past 12 months.

Situated at 1600 Eastchase Parkway, the property is strategically positioned along Interstate 30, one of the largest east-west thoroughfares in DFW, providing excellent visibility to nearly 150,00 VPD and unmatched access to the entire DFW Metroplex. Together, with Dallas and Arlington, Fort Worth contributes to the fourth largest MSA, totaling 7.6 million consumers. In addition, within a five-mile radius of the center is a population of 252,400, 8.5 million square feet of office inventory, 41,600 multi-housing units, 99,000 households and $5.7 billion in spending power.

The JLL Retail Capital Markets team was led by Senior Managing Director Adam Howells, Senior Managing Director Barry Brown and Analyst Cole Sutter.

Investor sells Dallas area medical office building

Posted on by Mia Goulart

Privately-owned real estate investment, development and finance company Bolour Associates, Inc. (BOLOUR) has sold a Class A medical office building in Dallas, Texas, after a 16-month hold period. It was the company’s first medical office acquisition in the DFW market.

The asset totals 7,190 square feet at 12222 Coit Road in the North Dallas submarket. It sits immediately off of U.S. Route 75, just south of I-635 and approximately one mile northeast of Medical City Dallas Hospital, an acute care hospital with more than 1,500 providers.

BOLOUR purchased the Coit Road asset in early 2022. David Zoller and Corbin Tanenbaum of Weitzman Retail Brokers represented BOLOUR in the 2022 acquisition and in the recent property disposition. The property buyer was represented by Justin Utay of NAI Robert Lynn.

Jim Humphries joins JLL Capital Markets’ SFR team

Posted on by Mia Goulart

JLL Capital Markets announced today that Jim Humphries has joined the firm’s single-family rental (SFR) team as a director sitting in the Houston office.

Humphries will focus on SFR and build-to-rent (BTR) investment sales nationally and will work alongside the current SFR team lead, Managing Director Matthew Putterman.

Humphries joins JLL from Colliers in Houston, where he has spent the past eight years. Most recently, he served as senior vice president and began his concentration on middle-market SFR and BTR investment sales in 2019. Prior to his career with Colliers, Humphries worked with HFF (predecessor to JLL) as part of the Houston multi-housing investment sales team.

McCownGordon adds talent in DFW

Posted on by Mia Goulart

Travis Walker has joined McCownGordon, one of the nation’s top construction management firms, as a business development manager in its DFW office. He joins the firm after 10 years of professional experience in the DFW area, specifically in the public sector.

In his new role as business development manager, Walker will work closely with McCownGordon business unit leaders to strengthen and build relationships in the DFW region, showcasing the value that McCownGordon brings to its clients. His proven dedication to understanding client needs, fostering collaboration, and delivering tailored solutions will enhance the firm’s mission to provide the best building experience.

Previously, Walker served as a client solutions manager at a top construction firm where he launched a new municipal public sector market. He earned his degree from Texas Tech University.