Hartman Income REIT’s business plan is to stabilize the building at current submarket rates.
Houston, TX (PRWEB) May 16, 2011
Hartman Income REIT, Inc., a Houston based Real Estate Investment Trust, announced today that Hartman 601 Sawyer LLC, subsidiary of Hartman Short Term Income Properties XIX, Inc., has purchased 601 Sawyer from RM Crowe.
601 SAWYER is an 88,258 square foot, seven (7) story office building located at the intersection of Lubbock St and Sawyer St. just off Memorial Drive. The building is located minutes from Downtown Houston in the heart of the Midtown submarket.
Lead tenants at 601 Sawyer include: The City of Houston Planning Department, a local government agency whose primary objective is to provide decent housing, create a suitable living environment and expand economic opportunities, principally for low and moderate income persons in Houston, and Christus Health Care, a Catholic health system that includes more than 40 hospitals and facilities in six American states and Mexico.
601 Sawyer is currently 74% occupied and is in located a high demand area of Houston and has strong appeal to a broad mix of tenants. The building is positioned with immediate access to the Central Business District and is adjacent to the highest demographic area in Houston. Hartman Income REIT’s business plan is to stabilize the building at current submarket rates.
Darrell Betts, CCIM of Avison Young represented the seller, RM Crowe, in the transaction and Dave Wheeler and Julian Kwok, CCIM represented the buyer, Hartman 601 Sawyer LLC.
HARTMAN INCOME REIT’S EXISTING PORTFOLIO
Hartman Income REIT, headquartered in Houston, Texas, is a $350,000,000 Real Estate Investment Trust which owns and/or manages 32 properties and 4,200,000 square feet of retail, industrial and office space in Houston, Dallas and San Antonio, Texas. For more information, please contact Beth Cornwell, AVP Human Resources, at 713-467-2222.
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