Hartman Short Term Income Properties XX, Inc. (Hartman XX), a public, non-traded REIT, recently entered into a purchase and sale agreement to acquire Commerce Plaza Hillcrest (the Hillcrest Building) for $11.4 million, exclusive of closing costs.
According to a filing, the REIT intends to pay for the 203,688 square-foot office building with proceeds from its ongoing public offering and borrowings secured by the asset.
Located at 12830 Hillcrest Road in Dallas, Texas, the Hillcrest Building consists of three, two-story buildings surrounded by carefully landscaped grounds which include fountains and courtyards. Each building features a central lobby and two-story glass entryways.
Hartman XX is currently offering up to $200 million in shares of its common stock through a follow-on public offering. As of September 30, 2014, the REIT had raised gross offering proceeds of about $71.4 million.
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.
D.H. Hill Securities, LLLP serves as Hartman XX’s managing broker-dealer.