HOUSTON, TX – June 4, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 400 North Belt, a 230,872-square-foot, Class A office project in Houston’s Greenspoint office submarket in north Houston.
HFF marketed the property on behalf of the seller. Hartman 400 North Belt, a subsidiary of Hartman Short Term Income Properties XX, Inc., purchased the asset for an undisclosed amount free and clear of debt.
400 North Belt is located at the southeast corner of the Sam Houston Parkway/Beltway 8 at Imperial Valley Drive equidistant between the Houston central business district and the Woodlands. The property is close to George Bush Intercontinental Airport as well as Interstate 45, The Hardy Toll Road and Interstate 69. Originally built in 1982, the 12-story property has undergone more than $2 million in capital upgrades during the last 10 years. Building amenities include a deli, bank facility with drive through motor bank, and a fitness center planned to open in 2015. 400 North Belt is 64 percent leased.
The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Trent Agnew. Dave Wheeler, Julian Kwok, CCIM and Russell Turman represented the buyer.
About Hartman Short Term Income Properties XX, Inc.
Hartman Short Term Income Properties XX, Inc. is a Texas-centric REIT, which owns eleven properties in Dallas/Ft. Worth, Houston and San Antonio. For additional information about Hartman XX visit www.HartmanREITs.com or call 800-880-2212. Hartman XX has properties located in Houston, Dallas and San Antonio, Texas. For more information, please contact Rick Vitale, at 651-491-3693.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.
DAN MILLER, CCIM, SIOR
HFF Senior Managing Director
HFF Associate Director, Marketing