Hartman vREIT XXI, Inc. (“vREIT XXI”) completed its acquisition of all of the interests in Village Pointe (“the Property”) on February 8, 2017. Village Pointe is owned by Hartman Village Pointe, LLC, originally a joint venture co-owned by vREIT XXI and Hartman XX Limited Partnership (“Hartman XX”).
Village Pointe is a 54,246 square foot shopping center located on the feeder of US Highway 281, between Brook Hollow Boulevard and Thousand Oaks, in San Antonio. Built in 1982 and renovated in 2015, Village Pointe has impressive infill demographics that include a population of nearly 233,000 and an average household income of approximately $93,000; both within a five-mile radius. The Property is located within five miles of San Antonio International Airport via US Highway 281. Village Pointe boasts superior visibility with over 500 feet of highway frontage, a large monument sign and a daily vehicle count of approximately 168,000 along US Highway 281.
Village Pointe was 92% leased, as of January 31, 2017, to a diverse blend of national and local tenants including SA Bike World, a cycling sales and service retailer; Top Brass, a retailer of tactical apparel and accessories; and ABDEP, an optical retailer. All of the tenant leases for Village Pointe are triple-net leases.
“The addition of Village Pointe’s remaining interest to vREIT XXI’s portfolio allows us to continue adding value to shareholders while also offering a diverse range of solutions to retail tenants in the San Antonio market,” said Al Hartman, CEO.
About Hartman vREIT XXI and Hartman XX
Hartman vREIT XXI and Hartman XX are Texas-centric real estate investment companies formed to acquire, develop and operate a diverse portfolio of value-oriented commercial properties—those with significant potential for growth in income and value from re-tenanting, repositioning, redevelopment, and operational enhancements. For additional information about these investments, please visit http://www.HartmanREITs.com.
Hartman has extensive experience acquiring, owning, managing and leasing commercial office, retail, light industrial and warehouse properties located in Texas. Since 1983, Hartman and its affiliated entities (including founder, Allen R. Hartman) have sponsored 23 programs and acquired interests in more than 90 real assets totaling approximately $660 million as of September 30, 2016.
This material contains forward-looking statements regarding the business and financial outlook of Hartman vREIT XXI and Hartman XX and its advisors that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ from the statements contained in this material. Forward-looking statements speak only as of the date on which such statements were made and we undertake no obligation to update any such statements that may become untrue as a result of subsequent events.
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