NORTH RICHLAND HILLS, TX-Making a return trip to Texas with a $23.9-million deal, the Morristown, NJ-based Lamar Cos. is planning to reposition the 231,458-sf Richland Centre into a furniture outpost for the region.
Lamar exited Texas in 2003, but came back for the deal because it was "a direct hit" in its investment sweet spot, Cory Boss, Lamar's acquisitions director, tells GlobeSt.com. The center already has Bassett Furniture Direct, Broyhill Home Collections and Ashley Furniture in place at 8641 Airport Freeway. Though it wasn't part of the sale, the footprint also holds Haverty's Furniture, Garden Ridge and Sleep Experts. With ample soft goods across the street at the North East Mall, Boss says the new owner's strategy will be hard goods. Boss says the center's in good condition so the upside play is to build a high-end niche so "it will be the main furniture shopping area" in the region.
Mart Martindale with Realty America Group in Dallas brokered the deal. With that deal done, Lamar has placed a couple more contracts on Dallas/Fort Worth retail properties. The next closing could come within 30 to 60 days, Boss says.
Lamar has been buying about one shopping center per month for nearly two years. The private investment group recently acquired two properties in North and South Carolina, Indiana and Florida. "If our criteria are met, we could be at five million sf in Texas," he says. "There is no limit for us. The last time we were in Texas we had 1.5 million sf in six centers." Though it's eyeing all Texas metros, Boss says the heavy concentration will be Dallas/Fort Worth, unlike its previous run from 2000-03 when it focused on Houston deeds.
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