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IRVING, TX-The 15-year owner of a 12,400-sf vintage retail building has sold the holding for slightly more than $80 per sf to a Dallas investor with a small portfolio of office and retail assets.

Built in 1963, the just-sold holding is MacArthur Plaza at 2815 N. MacArthur Blvd., tucked into an older retail corridor of Irving. Buyer PNYX LP of Dallas made the close in 60 days after securing bank financing for the 93%-leased property, Phillip Cox in Marcus & Millichap’s Dallas office tells “It took awhile to get the financing,” he says. Boyd Burton with Marcus & Millichap Capital Corp. arranged the loan.

Cox says the seller, a private local investor, brought the property to market because “he’s gotten all of his appreciation out of it. He’s owned it for a long time.”

Cox says the asset, on the market without an asking price, attracted a “couple offers” and closed as “a typical deal.” According to Dallas County tax records, the holding’s 2004 assessment is $637,360. At closing, there was one vacancy in a building with a mix of mom and pop shops like salons and a dog grooming business.

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