Hartman Heritage

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Independence (Kansas City MSA), MO

 

     

       Hartman Heritage is a 223,000 square foot Class A shopping center located in a regional retail corridor in the East Kansas City, MO MSA.

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     The center is anchored by Bed Bath & Beyond, Buybuybaby, Cost Plus World Market, and Party City (who recently renewed their lease and doubled in size). The asset is 76% occupied representing a great value-add opportunity in a market with average occupancy around 90%.

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       Pavilions at Hartman Heritage is located in a super-regional trade area with strong national retailer presence and deep destination draw including Simon Mall owned Independence Center as well as Bass Pro Shops. The asset is located on Little Blue Parkway just off Interstate 70 with of +115,000 vpd. Demographics in the area are strong with 46,000 people living in a 3 mile radius earning average incomes of $79,000. In a 5 mile radius there are 124,000 people with average incomes around $74,000.

 

      PMAT was able to acquire this center off market at a significant discount to replacement value as well as a discount to the seller's original basis. This reset basis allows for maximum flexibility in our efforts to stabilize this asset.