MacArthur Ranch LLC, marking its first acquisition in Texas, got a fully leased property at 8150 N. MacArthur Blvd. from Field Street Development Co. of Dallas. "They're looking for more," says David Eberstein with Marcus & Millichap Capital Corp. in Dallas. "They're in the process of selling their California assets." The 1031 exchange gain came from a retail sale in Northern California, he says.
Eberstein arranged financing through New York City-based JPMorgan Chase, which cleared a package with a 72% loan-to-value ratio, 10-year term, 30-year amortization and 5.47% fixed-rate interest. "They were able to produce a commitment early on in the process," Eberstein tells GlobeSt.com about the 60-day start-to-finish on the loan closing. Gavin Kam, senior associate in Dallas Marcus & Millichap Real Estate Investment Brokerage Co., handled the sale.
According to Eberstein, there is no major roll in leases for nearly four years. Built in 2004, the 5.08-acre center, with national and local tenants, neighbors Wal-Mart, Sam's Club and Starbucks.
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