(For more retail coverage, click GlobeSt.com/RETAIL.)
NORTH RICHLAND HILLS, TX-Rapidly approaching their third year ofthe hold, Westmount Realty Capital LLC and the Praedium Group havesold the 231,458-sf Richland Centre to a first-time Texas buyer,the Lamar Cos. of Morristown, NJ.
The sale price isn't readily available, but JV partner CliffordBooth, principal in the Dallas-based Westmount, confirmed that theclass A power center traded for less than $30 million. The JV paid$17.8 million in June 2003 for the 21-acre foothold at 8641 AirportFreeway, right across Interstate 35W from North East Mall. "Weshowed a very good return," he tells GlobeSt.com. "We're getting agood return on our investment. The property shows good cash flowand it brought a nice return on the exit."
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