HOUSTON – (Realty News Report) – Allen Hartman, CEO of the Hartman family of non-traded REITs, has named company executive Mark T. Torok as his eventual successor.
“An official timetable has not been established for the change, but the parties anticipate a long transition period. Mr. Hartman will remain as Chairman of the Board of the various companies,” the Houston-based company said in press release.
Torok currently serves as Chief Operating Officer, General Counsel, and Corporate Secretary for the organization.
Torok has over 30 years of regulatory, compliance, securities and real estate experience. Torok began his career with regulatory stints at the Oregon and Pennsylvania insurance departments as an administrative law judge and has worked at Erie Indemnity Company (where he was instrumental in their listing on the NASDAQ national securities exchange in 1995) USAA (where he was director of regulatory compliance), Argonaut Insurance Group (where he was Chief Compliance Officer) and in private practice focused on real estate, securities and business law.
“Mark has proven himself as a strong leader and valued member of the executive management team. His insights and practical problem solving have proven invaluable to our organization. We believe he will add significantly to the companies as we move forward to our ambitious growth goals in the future,” said Allen Hartman.
The Hartman company, which is a REIT or real estate investment trust, owns a portfolio of more than 60 office buildings, mostly mid-rise suburban properties or low-rise buildings in business parks – in Houston, Dallas and San Antonio.
Allen Hartman, who is 68, started his career in 1978, selling home improvement services to residential owners. By 1983, Hartman developed a proprietary value-oriented investment strategy, which formed the foundation of the “Hartman Advantage.” Through the late 1980s and early 1990s, he purchased approximately 20 foreclosed properties . Today, those assets generate significant cash flow. Over the past 36 years, Al Hartman has refined his value-oriented investment strategy and led a team of executives to deliver value to nearly 6,000 investors.
Hartman serves as a Deacon at Second Baptist Church. He supports various faith-based organizations and serves on the board of the Houston Area Pastors Council and The Elijah Challenge Ministry.
The Hartman firm employs more than 200 employees and manages more than 8 million square feet of property. The company recently announced it is paying $8 million in employee profit-sharing and retention award bonuses to its employees.
In a separate announcement, Hartman Short Term Income Properties XX, Inc. (“Hartman XX”) and Hartman vREIT XXI, Inc. (“vREIT XXI”) have announced that the Boards of the respective companies have voted to merge Hartman XX into and with vREIT XXI, with vREIT XXI as the surviving company. Previously the Boards had established special committees to consider the potential merger and after deliberation, determined that a merger would be to the benefit of the shareholders of both parties.
Nov. 11. 2020 Realty News Report Copyright 2020
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