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IRVING, TX-A&B Properties Inc. has pulled a 43,600-sf Royal MacArthur Center from a selective marketing, chalking up the win as the prize pushes toward lease-up. The deal was sealed at $13.6 million.

The 12-tenant, retail-and-restaurant mix at 6420 N. MacArthur Blvd. was 70% leased at sale time. “We’ve got good activity on the remaining spaces,” Norbert M. Buelsing, executive vice president of the Honolulu-based investment group, tells GlobeSt.com. Browning Property Co. of Dallas is staying in place to finish the lease-up charge and produce a tenant for the one open pad site, according to Buelsing. CB Richard Ellis will manage the asset.

Buelsing says Royal MacArthur Center’s location at a hard corner in Las Colinas was its chief selling point. “The location is key here,” he stresses. “It has all the elements that a successful retail location requires.”

A&B, a subsidiary of Alexander & Baldwin Inc., was introduced to the deal by Jerry Reese, an independent local broker, who caught word that a selective marketing was just getting under way, according to Buelsing. Mark Matise with Browning Property represented the Dallas-based sellers, MacArthur Royal LP.

The center delivered last year on 8.4 acres at a hard corner of one of Las Colinas’ busiest intersections. The asset consists of three multi-tenant buildings and two freestanding single-tenant buildings leased to La Madeleine restaurant and Citibank.

“We are confident we have once again identified an attractive property in a growing market,” Stanley M. Kuriyama, A&B’s CEO, says in a press release. Last summer, A&B paid $25 million for Preston Park, a 198,750-sf office complex at 1800 and 1820 Preston Park Blvd. in Plano.

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