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Partners Real Estate, one of the largest independent commercial real estate firms in Texas, recently arranged a sublease of 52,622 square feet signed by Patterson-UTI Energy, Inc. located at 10713 W. Sam Houston Parkway North in Houston, Texas.
Partners’ Dan Boyles represented Patterson-UTI Energy, Inc., the sublessee, in the transaction. Jon Williams and Kevin Saxe of CBRE represented the sublessor, Acclara Solutions.
Silver Star Properties REIT, Inc. (Silver Star Properties), formerly known as Hartman Short Term Income Properties XX, Inc. announces the disposition of its industrial warehouse facility located at 2300 Quitman St. in Houston, Texas. The property was sold to a nationally focused real estate development and investment platform.
The 734,000-square-foot property was initially purchased by Silver Star Properties in 1998. Built in 1920, the property has experienced many uses because of its proximity to Downtown Houston and the Port of Houston. It’s easy access to Houston’s major freeways, also noting it a primely located facility. It has played an important role in the Company’s industrial portfolio with much of its rental revenue generated from its anchor tenants, Liberty Tire Recycling, LLC and Sunbelt Warehouse, LLC.
As the sale was marketed, and at the discretion of the buyer, the value-add facility and its property have the potential for redevelopment or tenant lease continuations as the property is fully occupied.
Partners arranged a 2,400-square-foot retail lease for Chipotle at North Oaks Shopping Center located at 4613 Farm to Market 1960 Road in Houston.
Partners’ Taki Dallis represented the landlord in the transaction.
Partners Real Estate, one of the largest independent commercial real estate firms in Texas, recently arranged a 24,500-square-foot lease with Monarch Power Supply located at 12010 FM 529 in Jersey Village.
Partners’ Shaffer Braun represented the tenant in the transaction. The landlord, William T. White, III was represented by Ed Franz of CBRE.
Hartman has recently announced two leasing transactions in Texas:
Silver Star Properties REIT, Inc. (Silver Star Properties), formerly known as Hartman Short Term Income Properties XX, Inc., announced that its executive committee has approved the repositioning plan to pivot the company’s assets into the self-storage asset class. As an additional part of this plan, the board of directors also approved the acquisition of Southern Star Self-Storage Investment Company (Southern Star Self-Storage), and it has reached a long-term employment agreement with Mark Torok, CEO, as it solidifies its pivot away from office, retail and light industrial assets into self-storage.
Southern Star Self-Storage is a privately held real estate company that specializes in the sponsorship and management of DST investments in self-storage properties. Established in 2019, the company currently operates a portfolio of nine properties, which together comprise 321,291 net rentable square feet (NRSF) spread across 2,526 units. Additionally, the company has two facilities, totaling 208,220 NRSF and 703 units, under contract that are expected to close by June 1, 2023. Most of the facilities also have parking for boats, RV’s and autos. The facilities generally contain both climate and non-climate-controlled units and are located predominantly in secondary and tertiary markets in Texas, Florida, North Carolina, and Colorado.
In conjunction with the acquisition, Mark Torok signed a three-year employment agreement with the company, with the goal of creating liquidity for existing shareholders through listing the company on a public exchange.
To align the interests of our leadership with our investors in carrying out the repositioning plan, Mark Torok and the members of the executive committee have been awarded participation units in a long-term incentive plan.