HOUSTON – HFF handled the sale of Gulf Plaza, a six-story, 120,651-sf, single-tenant office building in Houston’s Energy Corridor, which is one of the strongest submarkets in the nation. Class A space in the Energy Corridor is 99 percent occupied and a number of office projects are under construction there.
HFF marketed the property on behalf of the seller, Hartman Gulf Plaza Acquisitions, L.P. Hartman Gulf Plaza LLC, an affiliate of Hartman Short Term Income XX, Inc., purchased the asset for an undisclosed amount.
Gulf Plaza is located in west Houston at 16010 Barkers Point just east of Highway 6 and south of Interstate 10 in close proximity to the North American headquarters of BP and Mustang Engineering. The property is 100 percent leased to Gulf Interstate Engineering and underwent extensive renovations totaling nearly $1 million in 2012 when the company renewed their lease term.
The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Martin Hogan. Acquisition manager Julian Kwok, CCIM and EVP of Acquisitions & Finance Dave Wheeler from Hartman Income REIT represented the buyer.
Hartman Income REIT, headquartered in Houston is a $360 million real estate investment trust, which owns and/or manages 38 properties with 5.04 million square feet of office, industrial and retail space.