A Richland Hills, Texas, power center has sold for nearly $20 million. The 21-acre Richland Centre, which is 89% occupied, was bought by New York-based investment firm Praedium Group from an undisclosed seller. Praedium buys under-performing and undervalued assets across North America and has bought $2 billion worth of total assets since it was founded in 1991.
The center cost Praedium $17.8 million, which is roughly $77 per sq. ft.. Tenants include Barnes & Noble, Oshman’s Super Sports and retailer Ross Dress-for-Less.
Praedium partnered with local operator Westmount Realty Capital to complete the deal. "We are delighted to be entering into our first joint venture transaction with Westmount Realty Capital, which has longstanding investment experience in this market," says Philip Tager, director of Praedium’s acquisitions team.
Praedium also recently completed the disposition of a five-property retail portfolio scattered throughout the Dallas/Fort Worth metro area. A Praedium executive who worked on this disposition notes that the deal "is consistent with Praedium’s investment strategy of buying properties with upside potential."
