Hartman to Acquire Gulf Plaza Building in Houston's Energy Corridor
HOUSTON, Feb. 13, 2014 /PRNewswire/ -- Hartman Short Term Income Properties XX, Inc. (HSTIP XX), a non-publicly traded real estate investment trust, today announced the multi-million dollar acquisition of the Gulf Plaza building, located within one of Houston's fastest growing real estate sub-markets known as the Houston Energy Corridor.
The Gulf Plaza, which contains over 120,000 square feet of office space, is currently 100% leased by Gulf Interstate Engineering, the eighth largest engineering firm based in Houston, whose total annual billings exceed $240 million. Gulf Interstate has four years remaining on their existing lease.
CEO Allen Hartman stated that, "I am very pleased that the fund was able to acquire Gulf Plaza and that based upon this and other positive developments within the fund, I expect strong results in 2014." Hartman also stated that he has seen a recent upsurge in fundraising and interest among financial professionals and hopes to add several quality properties to the portfolio in the coming year.
"Through the years, the Hartman team has worked diligently and avoided many economic challenges brought about by the deep recession of 2007-2009. Our focus continues to be on preserving and protecting investors' capital, providing investors with income and potential growth of principal through appreciation in value of the Company's real estate investments," continued Mr. Hartman.
Hartman Short Term Income Properties XX, Inc. is a non-traded REIT specializing in a value-added investment strategy focusing on the acquisition of undervalued properties. The firm not only acquires but manages and leases all of its properties, which provides a greater degree of oversight and therefore, enhanced value to investors. HSTIP XX is targeted to close in two-and-a-half years, with a liquidity event anticipated after that.
For more information on HSTIP XX please contact your investment advisor or Hartman directly, today, at www.hartmanreits.com or by calling 800.880.2212.
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SOURCE Hartman Short Term Income Properties XX, Inc.