Hartman Short Term Income Properties XX, Inc. (Hartman XX), a Houston based Real Estate Investment Trust, announced today that Hartman Ashford Crossing LLC, an affiliate, purchased the Ashford Crossing II office building.
“We are pleased to have acquired a quality office building in a desirable area of West Houston where we can further capitalize on our operating efficiencies,” said Dave Wheeler, EVP & Chief Investment Officer.
ASHFORD CROSSING II – Ashford Crossing II is a 158,451 SF, six story office building located at Dairy Ashford Road and Whittington Drive on the southern edge of the Energy Corridor and the northern border of the Westchase submarket. The proximity of the building to both the Energy Corridor and Westchase submarket offer it the ability to share in top notch retail establishments like Town and Country Village, City Centre and Memorial City Mall and access to an abundance of dining and full-service hotel accommodations and many preferred neighborhoods. Ashford Crossing II was built in 1983 and has been institutionally owned and managed since 2002.
The property is currently 87% leased to a diverse mix of tenants including Rignet, a leading global provider of communications, networks and collaborative applications for the oil and gas industry. RAC is an upscale offsite training facility for corporate clients like National Oilwell Varco and Rolls-Royce Commercial Marine is a wholly-owned subsidiary of Rolls-Royce Holdings PLC which offers a world-leading range of capabilities in the marine market including hydrodynamics, research, ship design, and propulsion and steering and motion control systems to a host of customers.
“Ashford Crossing II provides Hartman XX the ability to purchase a quality asset in a great submarket at below replacement cost and provide the fund great upside potential by leasing the remaining vacant space and rolling the existing tenants to market rates,” said Al Hartman, CEO of Hartman XX.
H. Dan Miller, CCIM, SIOR, and Marty Hogan of HFF, L.P. represented the seller in the transaction and Dave Wheeler, Julian Kwok, CCIM and Russell Turman represented the buyer, Hartman Ashford Crossing LLC.