by Andrea Jares / Staff writer
Star-Telegram.com
Posted on March 16,2006
The 231,458-square-foot Richland Centre at Loop 820 and Texas 183 in North Richland Hills has been sold to a New Jersey real-estate company that specializes in the buying and tenant leasing of retail properties.
Lamar Cos. bought the shopping center Tuesday from a partnership of Dallas-based Westmount Realty Capital and New York-based the Praedium Group, said representatives of the companies.
The center has attracted several furniture stores, as well as kept tenants such as Barnes & Noble and a sporting-goods store that was once Oshman's but in recent years was renamed Sports Authority.
The center was developed in the early 1980's by Herman Smith and owned by his wife, Patsy.
In June 2003, Westmount and Praedium purchased the shopping center as an investment.
There are vacancies at the property, and those present opportunities for leasing, said Ralph Pugliano, vice president of Lamar Cos.
"We're going to try to find other furniture uses or other uses such as lighting and kitchen cabinets," Pugliano said.
"We're excited about getting into the market and trying to lease the space up."
The company owned shopping centers in Houston until a year ago, he said. Richland Centre is Lamar Cos.' only Texas property.
Westmount and Praedium sold the property because their investment goals were met, said Clifford Booth, Westmount president.
"We think it's a great property with good freeway frontage'" Booth said.
Andrea Jares (817) 685-3851 ajares@star-telegram.com
