Houston Investor Buys Richardson Office Campus

A Houston-based investor has purchased a Telecom Corridor office campus, adding to its holdings in North Texas.The 4-building Richardson Tech Center was purchased by a subsidiary of Hartman Income REIT Management Inc.The almost 100,000-square-foot office complex on Plano Road is located east of U.S. Highway 75.Built in the mid 1980s, the property had been owned by a local investor for more than 20 years."The acquisition of Richardson Tech Center represents another step in expanding our Richardson footprint. This area provides a deep pool of well-educated, white-collar labor that is attractive to many businesses," David Wheeler, Hartman chief investment officer, said in a statement.Zane Marcell and Dustin Volz of JLL brokered the sale with David Wheeler and Russell Turman representing Hartman. Terms of the sale were not disclosed.Holiday Fenoglio Fowler LP arranged purchase financing with Southside Bank.Hartman already owns more than a dozen properties in the Dallas area.  Continue reading...