Public, non-traded REIT Hartman Short Term Income Properties XX, Inc. (Hartman XX) recently agreed to purchase an office building for $10.1 million, exclusive of closing costs.
Located in Houston, Texas, the property commonly referred to as 400 North Belt contains 230,872 square feet of office space throughout 12 stories.
Built in 1982, the building features amenities such as restaurants, a bank, a five-story parking garage, and a solid glass exterior.
Hartman XX plans to use proceeds from its ongoing public offering and financing secured by the building to cover its acquisition costs.
The Houston-based Hartman XX looks to acquire undervalued properties that will benefit from its value-add investment strategy. The REIT and affiliates also manage and lease all of its properties.