Hartman Income REIT Management Inc Acquires Richardson Tech Center
(Houston, TX) – Hartman vREIT XXI, Inc., a subsidiary of Hartman Income REIT Management, Inc., completed its acquisition of Richardson Tech Center (the Property) on March 14, 2018. Hartman Income REIT Management, Inc. will be leasing and managing the property. Richardson Tech Center a four-building, multi-tenant portfolio totaling 96,660 square feet, located in a highly-desirable submarket in the Dallas/Fort Worth area.
The Property is located approximately two miles east of U.S. Route 75. The property is positioned within a 25-min¬ute drive of the Dallas central business district, near multiple major highways including Interstate 635 and the President George Bush Turnpike.
Richardson Tech Center enjoys a strong, visible presence on North Plano Road, a major north/south thoroughfare, located south of CityLine, a new mixed-use development. Businesses and families are attracted to Richardson be¬cause of access to its highly-educated workforce and ex¬ceptional and award-winning public school district.
“Richardson Tech Center is an attractive value-add investment for HI-REIT that allows us to continue adding value to shareholders while also offering a diverse range of solutions to tenants in this Dallas submarket,” said Al Hartman, CEO.
Richardson is a vibrant and diversified business community strategically located in the Dallas/Fort Worth area—arguably, one of the brightest economic regions in the world. Only 12 miles north of Downtown Dallas, in what is considered a first-ring suburb, Richardson is known as the “Telecom Corridor” because the city has more than 25 million square feet of office space. Recently named a top 10 fastest-growing city, Richardson’s property tax base is diversified beyond telecom, and includes businesses in the health care and finance sectors. (Source: Jones Lang LaSalle offering memo for Richardson Tech Center, dated January 2018).
“The acquisition of Richardson Tech Center represents another step in expanding our Richardson footprint. This area provides a deep pool of well-educated, white-collar labor that is attractive to many businesses,” said David Wheeler, Chief Investment Officer.
Zane Marcell and Dustin Volz of the Dallas Jones Lang LaSalle (JLL) office represented the seller in the transaction and David Wheeler and Russell Turman represented the buyer, Hartman Richardson Tech Center, LLC.
Hartman Richardson Tech Center, LLC was represented by HFF’s Dallas mortgage brokerage team of Steve Heldenfels and Jim Curtin in the placement of acquisitions financing with Southside Bank.
About Hartman: Hartman is one of Dallas and Houston’s premier property management companies. We provide below market rates with above market amenities and service. Hartman has owned and operated commercial office properties since 1983, offering premium office space at an affordable price by saving businesses a significant amount of money by keeping taxes, utilities, and maintenance low. With over 30 years in commercial leasing in Houston, San Antonio and Dallas, we have learned exactly what our customers require. For more information, visit www.hi-reit.com.
Hartman Income REIT Management, Inc