Wednesday, June 25, 2008

Houston investor buys Promenade shopping center in Richardson

A Houston investor has made its first North Texas shopping center buy.
A partnership set up by Hartman Management acquired the Promenade shopping center in Richardson.
The complex is located at the southeast corner of Arapaho and Coit roads and contains more than 176,000 square feet.
Hartman’s David Wheeler said the center – built in the 1970s – is more than 70 percent leased.
“We actually bought seven buildings – both retail and a little bit of professional office,” Mr. Wheeler said Wednesday. “We will probably do some level of upgrade on the center.
“We’re contemplating that right now.”
Hartman purchased the property from an insurance company subsidiary. The sale was negotiated by Colliers-International.
Terms of the purchase were not disclosed, but real estate brokers say that the deal was close to $15 million.
Hartman has been recently adding to its holdings in the Dallas area. In February, the investor purchased four office buildings from a Morgan Stanley partnership.
Hartman Management also owns the North Central Plaza I office tower on North Central Expressway and the Park Central I on LBJ Freeway.

By Steve Brown