IRVING, TX-JP Realty Partners Ltd. has acquired MacArthur Center I & II, a 302,459-square-foot, two-building office complex. The local buyer closed the deal with General Electric Credit Equities Inc., which foreclosed on the asset in early 2012.
The class A office complex at 5601 & 5605 N. MacArthur Blvd. is situated on 6.3 acres and is more than 94% leased to tenants including OneSource VHR and Molina Healthcare.
HFF brokered the transaction, and also represented the purchaser in arranging acquisition financing with Capital One Bank. Sooner Management, the buyer's affiliate, will handle leasing and property management activities.
MacArthur Center was part of a large 2007 portfolio acquired by Equastone and financed by GE. However, the recession reduced the value of the all the properties, which included the 125 John Carpenter Freeway Tower, also in Irving, and the Stemmons Place complex in Dallas.
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