Hartman Income REIT Adds to Houston Office Portfolio
FOR IMMEDIATE RELEASE
- Houston , TX , August 25, 2009 : Hartman Income REIT, a Houston based Real Estate Investment Trust announced today that it has purchased 2 office properties from Koll Bren Schreiber Realty Advisors (KBS). The properties acquired are:
- Northchase Center : A 128,891 square foot building located at 14550 Torrey Chase Boulevard, 7 miles west of I-45 North and 7 miles east of Tomball Parkway (FM 249), and
- CORNERSTONE PLAZA : a 71,008 square foot building located at 3707 FM 1960 West (one mile east of Northchase Center)
Lead tenants at Northchase Center include: Valassis, the nation’s leading direct mail company, Frontline Group, an oil and gas consulting company and Discount Tires, the worlds largest independent wheel and tire retailer. Northchase is currently 93% occupied. Key tenants at Cornerstone Plaza include the regional corporate headquarters of McDonalds and Aesbus Company, a graphic design firm. Current occupancy at Cornerstone is 92%.
Both properties are located in the vibrant FM 1960 office submarket in North Houston, and Hartman Income REIT’s business plan is to stabilize both assets within 3 years at current submarket rates.
Mark Lucescu of Lucescu Realty in Newport Beach, California represented the seller, KBS, in the transaction and Dave Wheeler represented the buyer, Hartman Income REIT.
Hartman Income REIT’s existing Portfolio
Hartman Income REIT, headquartered in Houston, Texas, is a $300,000,000 Real Estate Investment Trust which owns and/or manages 29 properties and 3,400,000 square feet ofoffice, industrial and retail space. Our properties are located in Houston, Dallas and San Antonio, Texas. For more information, please contact Chris Musngi, Marketing Director, at 713-586-2607.
Contact: Chris Musngi
Phone: (713) 586-2607