Partners Buys Former Hartman Properties

HOUSTON – (Realty News Report) – Partners Capital has acquired a northwest Houston business park from Silver Star Properties REIT, a Houston company with affiliated with investor Al Hartman.

The 12-building project, known as Mitchelldale Business Park, has 377,752 SF of industrial flex space on 25 acres.

Built in 1977, the property is located 5400 Mitchelldale Street off of Highway 290 outside Loop 610.

Silver Star Properties, formerly known as Hartman Short Term Income Properties XX, has built a portfolio commercial office, retail, light industrial, self-storage, and warehouse properties in Texas. The company, known for a portfolio with significant Class B office space, has been repositioning its portfolio.

“The disposition of (Mitchelldale Business Park) places us one step closer to pursuing the new direction of expanding our investment classes to include self-storage.” said Silver Star’s Mark Torok, who was named CEO in October, when Al Hartman took the position of executive chairman.

Partners Investment Fund’s Acquisitions

Partners Capital, the investment arm of Partners Real Estate (formerly known as NAI Partners), acquired Mitchelldale Business Park, through Partners Investment Fund IV.

“Partners Capital is pleased to close out Fund IV with Mitchelldale Business Park,” said Andrew Pappas, Partner and President of Partners Capital. “With its prime location in one of Houston’s most sought-after industrial submarkets, we believe our latest acquisition is well-positioned for long-term success.”

Financing was provided by Origin Bank. Acquired off-market, the Mitchelldale property is currently 95 percent leased.

“We are planning to improve the asset’s curb appeal, lighting and infrastructure,” said Adam Hawkins, Partner at Partners Capital.

The Mitchelldale closing marks the eighth and final acquisition for Partners Investment Fund IV. Fundraising for Partners Opportunity Fund V is underway which will be a $150 million equity investment vehicle acquiring value-add industrial, retail, and office properties. Partners Capital has completed over $450 Million in transaction volume during the last six years and their current portfolio comprises of more than 1.4 million SF.

Photo: Courtesy Silver Star Properties