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, an 113,429 SF, three-story office building located 1333 Corporate Drive in the Las Colinas Office Center..
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 leasing activity 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.