IRVING – Hartman Short Term Income Properties XX, Inc. (Hartman XX), a Houston based Real Estate Investment Trust, announced today that Hartman Corporate Park Place LLC, an affiliate, purchased the Corporate Park Place office building.
CORPORATE PARK PLACE – Corporate Park Place is an 113,429 SF, three-story office building located on Corporate Drive in the Las Colinas Office Center. Corporate Park Place is a well-located office building in the Las Colinas Office Center submarket of the Dallas-Fort Worth metroplex.
The property is currently approximately 80% leased to a diverse mix of tenants including Baker Hughes, Reliant Energy, and Homeowners of America Inc. Corporate Park Place is well leased to a strong mix of corporate and technology oriented tenants.
“We are pleased to expand our presence in Las Colinas by acquiring a well-maintained office property in the desirable Las Colinas Office Center. This area has seen increased office market vacancy rate absorption in recent years, and we believe Corporate Park Place is positioned to perform well in the future,” said David Wheeler, Hartman Chief Investment Officer.
“Corporate Park Place 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 and rolling the existing tenants to market rates,” said Al Hartman, Hartman CEO.
Creighton Stark and Jack Minter of Colliers International represented the seller in the transaction and Dave Wheeler, Julian Kwok, CCIM and Russell Turman represented the buyer, Hartman Corporate Park Place LLC.
About Hartman Short Term Income Properties XX, Inc.
Hartman Short Term Income Properties XX Inc. is a Texas-centric REIT which owns thirteen properties in the Dallas/Ft. Worth area, Houston, and San Antonio. For information regarding leasing space at a Hartman property, please contact Lynna Smith at 214-432-3704 in Dallas or Kat Morrison at 713-586-2669 in Houston, and visit www.hi-reit.com. For additional information about Hartman XX, please visit www.HartmanREITs.com, call 800-880-2212, or contact Rick Vitale directly at 651-491-3693.
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.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES.
Securities offered through D. H. Hill Securities, LLLP, Member FINRA/SIPC, 1543 Green Oak Place, Kingwood, TX 77339. (832) 644-1852.