FOR IMMEDIATE RELEASE
Hartman Income REIT, Inc., a Houston based Real Estate
Investment Trust, announced today that Hartman Richardson Heights
Properties, LLC, an affiliate, has purchased Richardson Heights
Shopping Center from CSMC 2007-C3 RICHARDSON HEIGHTS VILLAGE, LLC
through LNR Partners, LLC as Special Servicer.
RICHARDSON HEIGHTS - A 201,433 square foot, six (6) building
retail center with three (3) single tenant pad sites is located at
the highly desirable intersection of Central Expressway
(US-75), a primary Dallas north/south thoroughfare, and Belt
Line Road, a major loop around the city.
Lead Tenants at Richardson Heights include: TJ Maxx, a
leading off-price retailer of apparel and home fashions, Party
Central, America's largest specialty party goods chain, Payless
Shoe Source, the largest specialty family footwear retailer in the
western hemisphere, 7-11, the world's largest convenience retail
chain and McDonalds, a leading global foodservice retailer.
Richardson Heights is located in the southwest corner of Belt
Line Road and Central Expressway (US-75) and is currently 56%
occupied. The property was recently renovated with a brand
new facade, awnings and roofs. Benefiting from direct
exposure to Central Expressway, Richardson Heights is situated at a
thriving intersection in the north portion of Dallas. Central
Expressway (US-75) carries over 264,000 cars per day at the
intersection of Belt Line Road; meanwhile, Belt Line Road carries
close to 30,000 cars per day, giving this intersection significant
traffic volume. The intersection has enjoyed high traffic and
high occupancy for many years as there are 144,586 people residing
within a three-mile radius of the Property. Hartman's
business plan is to stabilize the center at current submarket
rates.
Jennifer Pierson and Beth Pierson of CB Richard Ellis
represented the seller, LNR Properties, LLC, in the transaction and
David Wheeler and Julian Kwok represented the buyer, Hartman
Richardson Heights Properties, LLC.
Hartman Income REIT's Existing Portfolio
Hartman Income REIT, headquartered in Houston, Texas, is a
$320,000,000 Real Estate Investment Trust which owns and/or manages
31 properties with 4,200,000 square feet of office,
industrial and retail space. Our properties are located
in Houston, Dallas, and San Antonio, Texas. For more
information, please contact Allen Hartman, at 713-467-2222.