Hartman vREIT XXI Operating Partnership L. P. Acquires Timberway II, and One & Two Park Ten
HOUSTON – Hartman vREIT XXI Operating Partnership L.P. (Hartman XXI), a Texas-centric Real Estate Investment Trust, announced the purchase of 15995 N. Barkers Landing Road, Houston, TX 77079, 16365 Park Ten Place Drive, and 16300 Park Ten Place Drive in Houston, Texas 77084.
“We are continuing to grow and we are grateful for this,” said Al Hartman, President and CEO, “we are well on our way to reaching our company goals, and see much potential for the next few years.”
15995 N. Barkers Landing Road, Houston, TX 77079 – Hartman acquires Timberway II Building (the “Property”), that is 64.2% leased as of November 2019, and a premier Class B office asset comprised of 130,828 square feet in Houston, Texas. The property is strategically located on I-10, with major all-around access. The property is located in the Energy Corridor submarket.
The Property offers a rent roll of large tenants servicing a variety of clients. Enventure Global Technology, LLC occupies approximately 23% of the Property and account for roughly 39% of the Property’s revenue. There are 14 total tenants with an average term remaining of 2.5 years.
16300 and 16365 Park Ten Place Drive in Houston, Texas 77084 – The One & Two Park Ten Buildings (the “Property”) is a 65.4% leased, as of October 2019, premier Class B office asset comprised of two buildings, collectively 91,215 square feet in Houston, Texas. The property is located in Houston’s prime Energy Corridor submarket off of the Interstate. 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. Hargrove occupies approximately 27% of the Property, and account for roughly 45% of the Property’s revenue. There are 28 total tenants with an average term remaining of 2.5 years.
“Hartman’s operating team and leasing approach position these properties as strategic and attractive value-add acquisitions. 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.
The Houston Avison Young Office team represented the seller in the transaction and David Wheeler, Patrick Windley, and Sullivan Barnes represented the buyer, Hartman Timberway II LLC, and Hartman One & Two Park Ten, LLC.
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.