Hartman Income REIT adds to Dallas Retail Portfolio
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 ofoffice, 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.