It has been widely reported that an investor bought Promenade Shopping Center. Reports of this appeared in the Dallas Morning news, and the Dallas Business Journal. Actually that claim is slightly inaccurate.

It turns out that Hartman Management, a property investment and acqusition firm in Houston, bought the North end of the shopping center. They did not, as implied by many reports (including the Dallas Morning News) purchase the entire center. Although the Morning News said "the complex is on the southeast corner of Arapaho and Coit roads", the entire shopping center extends all the way to Belt Line Road. Other reports were more ambigious.

According to Dave Wheeler, Director of Acquisitions for Hartman, "We purchased only the portion at the southeast corner of Coit and Arapaho from a subsidiary of Unum."

Mr Wheeler said they did not purchase any of the center portion owned currently by Fobare or any other portion. Fobare was recently involved in a land transaction with the City where it received what is commonly called the "Wickes" property at the corner of Arapaho and Grove.

Wheeler says that the property is 72% leased. They expect to do, "retenating and filling up of vacancies."

When asked if they were looking at adding a major tenant he said they were not talking to anybody at this time because the acquisition was very recent.

"We expect to do some rehab and lease it up," he said.

Hartman's general strategy is to keep properties in a portfolio so do not expect to see the property fixed up for a quick resale.