Hartman Short-Term Income Properties XX Purchases Houston Industrial Property; Bascom Acquires Sierra at Fall Creek
- Jun 26, 2014
By Liviu Oltean, Associate Editor
Hartman Short Term Income Properties XX Inc., a Houston-based REIT, recently announced that affiliate Harman Mitchelldale Business Park L.L.C. purchased the Mitchelldale Business Park from Falcon Southwest for an undisclosed sum. Consisting of 12 office buildings that total roughly 380,000 square feet, Mitchelldale Business Park has an occupancy rate of 92 percent. The park’s tenants include Craven Carpet, A Better Trip, GC Services and LOYC Investments.
One of the best features of the business park is accessibility – by US Highway 290, the 610 West Loop and Interstate Highway 10. Because of the park’s 100 percent HVAC opportunities, its grade & dock-high and 12 to 22 foot clear height, the park can cater to almost any type of business trade. Other amenities include on-site management and leasing, ample parking, landscaping and after-hours security.
According to research data from CBRE’s industrial report on the first quarter of 2014, Houston will experience a gargantuan amount of focus on industrial real estate. The Bayou City seems to be one of the most powerful industrial markets in the U.S., with very high occupancy rates. Moreover, due to the 1.6 million square feet of net absorption and the 8.1 million square feet of industrial space already under construction in the first quarter, Houston seems to be heading toward a strong industrial year.
In other regional news, The Bascom Group L.L.C. announced the acquisition of Sierra at Fall Creek, a 252-unit multifamily community. Debt financing was supported by California Bank and Trust, while the acquisition process was arranged and supervised by Brian Eisendrath and his team at CBRE Capital Markets.
Constructed in 2004, Sierra at Fall Creek encompasses 13 residential units and a leasing center, which span 13 acres. More than half of the units are one bedroom, but there are options that feature two to three bedrooms. Moreover, as part of the Fall Creek community, Sierra offers an impressive list of amenities: a clubhouse, billiards room, fitness center, pool and spa, and grill and lounge area.
“Buying a newer asset in a sought-after location that is generating strong current yield, with appreciation potential through capital improvements, is a good deal profile for us in Houston,” said James D’Argenio, principal for Bascom, in an official statement.
Photo courtesy of the Bascom Group L.L.C. through PRNewswire.