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Kim Gatley
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Houston REIT beefs up SA footprint with $7M retail buy

Hartman Income REIT has gotten an early start to the holiday shopping season, treating itself to a $7.1 million retail property. Village Pointe, located along U.S. Highway 281 at 15665 San Pedro Ave., is the latest addition to the REIT’s San Antonio portfolio, which also includes the One Technology Center office building.

Whitestone (NYSE: WSR) closed this month on the 54,182-square-foot strip center, which was previously owned by San Antonio-based private investment firm Village Point Investors LP. The property was 93 percent occupied at the time of the sale.

The sale price equates to Hartman paying roughly $131 per square foot for the property, a bargain compared to the $224 per square foot it shelled out for The Strand At Huebner Oaks, a 73,920-square-foot property it acquired in 2014 for $18 million.

Click here to read the full article: Houston REIT beefs up SA footprint with $7M retail buy San Antonio Business Journal 11-22-2016


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