Hartman XX Hearts Houston with New Office Acquisition
- Aug 21, 2015
An affiliate of Hartman Short Term Income Properties XX Inc. (Hartman XX) purchased a 158,451-square-foot office building located in west Houston. Dubbed Ashford Crossing II, the office building was developed in 1983 and was 87 percent leased at the time of the acquisition. Tenants include Rignet, RAC and Rolls-Royce Commercial Marine.
Due to its proximity to the Energy Corridor and the Westchase submarket, the six-story office building offers access to a bevvy of retail establishments including Town and County Village, City Centre and Memorial City Mall.
“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,” Al Hartman, CEO of Hartman XX, said in a prepared statement.
Dan Miller and Marty Hogan of HFF represented the seller, while Dave Wheeler, Julian Kwok and Russell Truman represented the buyer.
Image courtesy of HFF