Hartman, a sponsor of non-traded alternative investment offerings, has fully subscribed its Delaware statutory trust offering, Hartman Retail III DST, after raising nearly $7.8 million from accredited investors.
The offering purchased the Colony Retail Shopping Center, a net leased retail center in the Dallas Forth Worth Metroplex. The company said that the property is 100 percent leased to tenants under long-term leases that include rental escalations and multiple renewal options. Tenants include Floor & Decor Holdings Inc. and Chair King Backyard Store.
Hartman Income REIT Management Inc., a firm with 59 commercial real estate properties under management, is the operating subsidiary of the property.
“The strong rebound in the economy and the pro-business environment we have here in Texas has had a conducive tailwind on the performance of our retail properties, particularly Colony Retail, where national tenants Floor & Decor and Chair King have benefited from increased purchasing on home improvement products,” said Al Hartman, chief executive officer and president of Hartman.
Hartman added that the firm plans to announce its next DST offering “very soon.”
Hartman has experience acquiring, owning, managing, and leasing commercial office, retail, light industrial and warehouse properties located in Texas. Since 1983, Hartman and its affiliated entities have sponsored 29 programs and acquired interests in more than 90 real assets totaling approximately $805 million as of March 31, 2021.