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 of office, 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