(HOUSTON, Texas) – Hartman Properties is pleased to announce the successful sale of Richardson Tech Center, a premier four-building, multi-tenant portfolio located in the highly desirable Dallas/Fort Worth area. Acquired by Hartman vREIT XXI, Inc. in March 2018, for $5,040,000, the property has now been sold.
“We are thrilled to have achieved an outsized return on investment for our investors with the successful sale of Richardson Tech Center,” said Al Hartman, Founder and CEO of Hartman Properties. “This milestone reflects our unwavering commitment to delivering exceptional returns and underscores our strategic excellence in commercial real estate. At Hartman Properties, our focus remains on maximizing value and driving growth for our stakeholders.”
Strategic Acquisition and Transformation
Upon acquisition, Richardson Tech Center was 73% occupied. Through Hartman Properties’ in-house leasing expertise and strategic management, the property achieved a stabilized 95% occupancy rate by early 2024. This significant increase in occupancy was crucial in enhancing the property’s market value and appeal.
Outstanding Shareholder Returns
“This transaction is a testament to our team’s dedication and strategic approach to property management and leasing,” said Margaret Hartman, COO, Hartman Properties. “We are proud of the value we have created for our shareholders and the positive impact we have had on the Richardson Tech Center. we remain focused on delivering exceptional dispositions for our investors.”
Commitment to Excellence
The sale of Richardson Tech Center generated an impressive internal rate of return (IRR) of 40%, delivering substantial returns for shareholders. The notable increase in occupancy and property value underscores Hartman Properties’ commitment to strategic asset management and operational excellence.
Looking Forward
As Hartman Properties embarks on the second half of 2024, the company remains committed to expanding its reach and enhancing tenant satisfaction across its portfolio. With a solid foundation and a clear strategic direction, Hartman is well-positioned for continued success and innovation in the commercial real estate market.
For more information about Hartman Properties and our transformative initiatives, visit www.hartmanproperties.com. To request more information or schedule an interview, contact Melissa Rein Lively with America First PR.
About Hartman Properties: Hartman Properties is a leading commercial real estate management company within Texas, specializing in owning and managing high-quality commercial properties. With a commitment to excellence and customer satisfaction, Hartman Properties offers premier office space in prime locations across Texas. For more information about Hartman Properties, visit www.hartman-properties.com
