CBRE Investment Management Acquires Class A Grocery-Anchored Neighborhood Center in the Dallas Area Through Joint Venture with EDENS
August 1, 2023
CBRE Investment Management, on behalf of a separate account client, has acquired MacArthur Park, a 425,612-square-foot grocery-anchored neighborhood center located at 7505 North MacArthur Boulevard in Irving, Texas, through a joint venture with retail real estate owner and operator EDENS.
MacArthur Park has a diverse roster of strong-performing necessity-retail tenants in the grocery, fashion, restaurant, beauty and medical office retail subsectors. The property also features 1,640 parking spaces, EV charging stations and is conveniently situated at the intersection of I-635 and the George Bush Turnpike, two primary thoroughfares providing connectivity to the greater Dallas-Fort Worth area.
Sondra Wenger, Head of Americas Commercial Operator Division for CBRE Investment Management, commented: “Neighborhood centers, such as MacArthur Park, fill a need for people who are working from home and want to run errands or meet friends for lunch near their home offices. We believe that partnering with EDENS, with its strong track record of placemaking expertise, significant retail tenant relationships and a nationally recognized portfolio, will help to ensure that this center will provide long-term value for the tenants, patrons and our investors.”
According to CBRE’s Dallas-Fort Worth Q1 2023 Retail Report, the overall retail tenant occupancy rate for the area stood at 94.9%, reflecting strong demand for the sector.
“Los Colinas is a highly engaged community that recognizes the value of places like MacArthur Park for social connection as much as everyday convenience,” said Jami Passer, Chief Investment Officer for EDENS. “Our partnership with CBRE Investment Management on the recapitalization of this important asset reflects a commitment to the property’s viability and stewardship as a successful retail destination.”
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $147.6 billion in assets under management* as of June 30, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
EDENS is a retail real estate owner, operator and developer of a nationally leading portfolio of 110 places, whose purpose is to enrich community through human engagement. When people come together, they feel a part of something bigger than themselves and prosperity follows—economically, socially, culturally and soulfully. Through thoughtful design and curation places are established as thriving retail destinations, driving impressions and market sales while effectively serving as public realms for social interaction. EDENS has offices in key markets including Washington, D.C., Boston, Dallas, Columbia (SC), Atlanta, Miami, Charlotte, Houston, Denver and San Francisco. For additional information about the company and its retail real estate portfolio, visit edens.com and follow @WeAreEDENS.