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.
About Hartman Short Term Income Properties XX, Inc.
Hartman Short Term Income Properties XX, Inc. is a Texas-centric REIT which owns nine properties in Dallas/Ft. Worth, Houston, and San Antonio. For additional information about Hartman XX visit www.HartmanREITs.com or call 800-880-2212. Our properties are located in Houston, Dallas and San Antonio, Texas. For more information, please contact Angela Clakley, at 713-467-2222.
This release contains certain forward-looking statements. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “may” and “should” and their variations identify forward-looking statements. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of Hartman Short Term Income Properties XX, Inc.’s annual report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and the company undertakes no obligation to update any such statements that may become untrue because of subsequent events. Such forward-looking statements are subject to the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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