Hartman Adds to Texas Portfolio

The REIT purchased Three Forest Plaza, a 366,549-square-foot high-rise in the Park Central submarket of Dallas.
Three Forest Plaza, Dallas

Three Forest Plaza in Dallas

Dallas—Hartman Short Term Income Properties XX Inc. recently announced that Hartman Three Forest Plaza LLC, a subsidiary, acquired Three Forest Plaza, a 19-story office tower in Dallas. The Dallas HFF office team represented the seller in the transaction and David Wheeler, Russell Turman and Julian Kwok represented the buyer. Hartman Three Forest Plaza LLC was represented by HFF’s Dallas mortgage brokerage team in the placement of acquisitions financing with Southside Bank at 50 percent LTV.

Three Forest Plaza is located in the Park Central submarket, at 12221 Merit Drive. The property provides easy access to Forest Lane, the I-635 and the North Central Expressway. The building is surrounded by North Dallas residential neighborhoods, the Medical City of Dallas and a growing amenity base that has several recently announced residential and retail developments under construction. According to Yardi Matrix data, the 366,549-square-foot green LEED-certified building was built in 1981, but underwent a cosmetic renovation in 2010. The property includes 2,500 square feet of retail space and 1165 parking spaces.

“The addition of Three Forest Plaza to our Dallas portfolio gives Hartman over 1 million square feet of office properties in this important market. Three Forest Plaza allows Hartman to offer a diverse range of solutions in order to meet broader customer needs in the Dallas market,” said Al Hartman, Hartman’s CEO, in prepared remarks.

Currently, the property is 73 percent leased to a mix of tenants including Weaver & Tidwell, Huselton Morgan & Maultsby, QRx and US Oncology. Hartman Short Term Income Properties XX Inc. now owns 18 properties in the Dallas, Fort Worth, Houston and San Antonio areas.

Image courtesy of Yardi Matrix