Hartman Income REIT Acquires a Three-Building Portfolio in Houston
Houston, TX– Hartman Income REIT acquires three properties; 1400 Broadfield, 16420 Park Ten, and 7915 FM 1960 in Houston, Texas.
“Hartman’s operating team and leasing approach position these properties as strategic and attractive value-add acquisitions. “Hartman Income REIT is expanding at an exponential rate,” said Allen Hartman, CEO, “we’ve had great wins throughout this year and we’re proud of the results we’ve been achieving. We see many opportunities to keep expanding our portfolio exponentially over the next year.”
1400 Broadfield – The 1400 Broadfield Building (the “Property”) is a 70.11% leased as of October 2019, premier Class B office asset comprised of 102,893 square feet in Houston, Texas. The property is located in the Energy Corridor of west Houston, on I-10, a major freeway. The Property offers a rent roll of large tenants servicing a variety of clients. The Strategy Engineering occupies approximately 25% of the Property and account for roughly 57% of the Property’s revenue.
16420 Park Ten- The 16420 Park 10 Building (the “Property”) is a 53.63% leased, as of October 2019, premier Class B office asset comprised of 83,760 square feet in Houston, Texas. The property is strategically located on I-10, a major East and West access artery. The Property offers a rent roll of large tenants servicing a variety of clients.
7915 FM 1960- The 7915 FM 1960 Building (the “Property”) is a 41.92% leased, as of October 2019, premier Class B office asset comprised of 67,581 square feet in Houston, Texas. The property is in northwest Houston, off of the FM 249 Tomball Parkway. The immediate neighborhood has the Willowbrook Mall and an abundance of retail surrounding the property. The Property offers a rent roll of diverse tenants servicing a variety of clients. The major tenant On-Target Marketing occupies approximately 8.1% of the Property.
The Houston JLL Office team represented the seller in the transaction and David Wheeler, Patrick Windley, and Sullivan Barnes represented the buyer, Hartman 1400 Broadfield LLC, Hartman 16420 Park Ten LLC, and Hartman 7915 FM 1960 LLC.
“We are pleased to acquire these institutionally maintained and well-located office properties at a significant discount to replacement cost” said David Wheeler, Chief Investment Officer.
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 35 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.