HOUSTON – Hartman Short Term Income Properties XX, Inc. (Hartman XX), a Houston based Real Estate Investment Trust, announced that Hartman Highway 6 LLC, an affiliate, has purchased the Timbercreek Atrium and Copperfield office buildings on December 30, 2014.
“Timbercreek Atrium and Copperfield office buildings provide Hartman XX with the opportunity to enhance investor returns through lease up and more efficient operations. The acquisitions are immediately accretive and they are being acquired at a deep discount to replacement cost and expand our presence into a desirable part of Houston with attractive demographics.” said Dave Wheeler, EVP & Chief Investment Officer.
Timbercreek Atrium & Copperfield are two Class B office buildings totaling 93,656 square feet. The multi-story office buildings are located in the highly desirable Northwest Houston Submarket located along Highway 6 between Interstate 10 and FM 529.
Timbercreek Atrium is a three story, 51,035 SF building located at US Highway 6 North and & Timbercreek Place. As of December 2014, the property was 79% leased to a diverse mix of tenants.
Lead tenants at the property include: The Loken Group, H2O, and the Harris County Hospital District.
Copperfield Building is a three story, 42,621 SF office building located on Spencer Rd and US Highway 6. As of December 2014, the property was 80% leased to a diverse mix of tenants.
Lead tenants at the property include: J. P. Morgan Chase Bank, Deep Sea Development, and Harvey Home Health.
Both buildings are located in the desirable Northwest submarket of Houston and are surrounded by dense residential development from which the buildings pull much of their tenancy.
“We consistently strive to create value for our investors and the growth of the Hartman XX portfolio is our top priority. The acquisition of Timbercreek Atrium and Copperfield is another step forward in our plan to accomplish this,” said Al Hartman, CEO of Hartman XX.
Joshua Lass-Sughrue, Douglas Pack and Sam Hansen of NAI Partners in conjunction with Jordan Summerville of C-III Realty Services represented the seller in the transaction and Dave Wheeler, Julian Kwok, CCIM and Russell Turman represented the buyer, Hartman Highway 6 LLC.