ARLINGTON – Hartman Short Term Income Properties XX Inc. (Hartman XX), a Texas-centric based Real Estate Investment Trust, announced today that Hartman Skymark LLC, an affiliate, purchased the Skymark Tower office building.
Skymark Tower is an 115,700 SF, eight-story office building located at Cooper Street and I-30 in Arlington. Skymark Tower is centrally located between Dallas and Fort Worth and is just 10 miles South of DFW International Airport. The property is minutes east of the Arlington Entertainment District which is home to Dallas Cowboys and the Texas Rangers.
“We are pleased to expand our presence in the DFW mid-cities by acquiring perhaps the most visible office property in Arlington. This quality property has excellent access to the high end neighborhoods of West Arlington as well as Interstate 30,” David Wheeler, Chief Investment Officer, said.
The property is approximately 74% leased to a diverse mix of tenants including ServiceLink National Flood, Aquatics Inc., and Mercantile Bank. The Property has excellent drive-up appeal with its attractively landscaped grounds and distinctive exterior design that features a pyramid-capped roof.
“Skymark Tower provides us the ability to purchase a quality asset in a great submarket at below-replacement cost, and provides upside potential by leasing the remaining vacant space,” said Al Hartman, Hartman CEO.
Eric Mackey of CBRE represented the seller in the transaction and Dave Wheeler, Julian Kwok, CCIM and Russell Turman represented the buyer, Hartman Skymark LLC.