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Hartman XX Buys Arlington Office Building for $8.8 Million

Hartman Short Term Income Properties XX Inc., a Houston-based real estate investment trust, acquired Skymark Tower, an eight story office building in Arlington, Texas, for $8.8 million, exclusive of closing costs. The name of the unrelated third party seller was not disclosed.

Skymark Tower, a 115,700-square-foot office building built in 1985, is located at Cooper Street and I-30 between Dallas and Fort Worth and 10 miles south of DFW International Airport. The property is approximately 78 percent occupied by 25 tenants.

The company financed the purchase with proceeds from its ongoing public offering and loan advance proceeds from a recently established revolving credit facility. An acquisition fee of approximately $221,150 was earned by Hartman Advisors LLC, the company’s external advisor.

Hartman Income REIT Management, Inc. will manage and be the exclusive leasing agent and will receive a monthly management fee of 3 percent of the effective gross revenues.

Last week, the DI Wire reported that Hartman Short Term Income Properties XX acquired the Corporate Park Place office building in Irving, Texas for $9.5 million.

Hartman Short Term Income Properties XX Inc. is a Texas-centric real estate investment trust that seeks to acquire undervalued properties for its value-add investment strategy. The REIT owns 14 properties in the Dallas/Ft. Worth area, Houston, and San Antonio.