Hartman Short Term Income Properties XX Inc., a publicly registered non-traded real estate investment trust, completed the acquisition of One Technology Center in San Antonio, Texas for $19.6 million, exclusive of closing costs. The DI Wire reported in September that the REIT signed a purchase agreement with the seller, KW Funds One-Technology LLC.
Built in 1984, One Technology Center is a 14 story office building containing approximately 196,348 square feet of space. The GSA-Veterans Administration, Galen College of Nursing, Board of Regents of the University of Texas System and Billing Services Group North America occupy approximately 91 percent of the building.
Hartman XX financed the acquisition with proceeds from its ongoing public offering and loan advance proceeds from a revolving credit facility. An acquisition fee of approximately $489,375 was earned by Hartman Advisors LLC, the company’s advisor.
Hartman Income REIT Management Inc. will manage the property and receive a monthly management fee of 3 percent of the gross revenues.
Hartman Short Term Income Properties XX Inc. is a Texas-centric real estate investment trust that seeks to acquire undervalued properties for its value-add investment strategy. The REIT owns 14 properties in the Dallas/Ft. Worth area, Houston, and San Antonio totaling approximately 2.2 million square feet.