HOUSTON – (Realty News Report) – Hartman SPE, LLC filed Chapter 11 bankruptcy, according to a press release from Silver Star Properties REIT of Houston.
Hartman SPE is “an indirect subsidiary, which owns legacy office, retail, and industrial properties,” the REIT company said. Silver Star Properties REIT is a transitioning company that was formerly affiliated with the Allen Hartman real estate investment organization.
At the beginning of 2023, the company had over 40 office, retail and warehouse properties with about 7 million SF located in Houston, San Antonio and Dallas.
Silver Star Properties has been disposing of its Texas-focused commercial property portfolio as it pursues a plan to become a REIT concentrated on self-storage properties.
Earlier this year, Silver Star began efforts to have its shares traded on an established stock exchange.
In the 1980s, Houston investor Al Hartman founded the predecessor roots of Hartman Short Term Income Properties XX. Mr. Hartman is no longer with the firm and CEO Mark Torok was replaced recently.
A number of Texas properties from the Hartman legacy have been sold recently and $131 million of additional sales are under contract.
“We are pleased with our progress towards our goals of moving the company into self-storage,” said Gerald Haddock, Executive Chairman of the Executive Committee of Silver Star. “The bankruptcy filing for our SPE is part of our moving forward strategy as we expect to emerge quickly” …and resume the “new growth strategy and make distributions to its shareholders much quicker.”
In the 1990s, Haddock was president and CEO of Fort Worth-based Crescent Real Estate.
“We are pleased with our progress towards our goals of moving the company into self-storage,” Haddock said. “Having successfully engaged Steve Treadwell, a seasoned executive in self-storage, as our CEO, the company will be well positioned with his expertise to direct the entire enterprise with a coordinated branding strategy of acquiring institutional quality self-storage properties, allowing us to more readily fulfill our commitment to list on an established national exchange for trading.”
Sept. 26, 2023 Realty News Report Copyright 2023
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File: Houston Entity Files Chapter 11