HOUSTON – Hartman Short Term Income Properties XX purchases 400 North Belt, a 230,872-square-foot office project in Houston’s Greenspoint office submarket in north Houston.
Holliday Fenoglio Fowler marketed the property on behalf of the seller. Hartman 400 North Belt, a subsidiary of Hartman Short Term Income Properties XX, Inc., purchased the building for $10.2 million from Parkway Properties.
400 North Belt is located at the southeast corner of the Sam Houston Parkway/Beltway 8 at Imperial Valley Drive equidistant between the Houston central business district and the Woodlands. The property is close to George Bush Intercontinental Airport.
Built in 1982, the 12-story property has undergone more than $2 million in capital upgrades during the last 10 years. Building amenities include a bank facility with drive through motor bank. 400 North Belt is 64 percent leased.
The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Trent Agnew. Dave Wheeler, Julian Kwok, CCIM and Russell Turman represented the buyer.
Hartman Short Term Income Properties XX is a Texas-centric REIT, which owns eleven properties in Dallas/Ft. Worth, Houston and San Antonio.