HOUSTON – (Realty News Report) – Partners Capital has purchased a northwest Houston business park from Silver Star Properties REIT, a Houston company associated with investor Al Hartman.
The 12-building project, known as Mitchelldale Business Park, has 377,752 SF of industrial flex space on 25 acres.
Built in 1977, the property is located at 5400 Mitchelldale Street off Highway 290 off Loop 610.
Silver Star Properties, formerly known as Hartman Short Term Income Properties XX, has built a portfolio of commercial office, retail, light industrial, self-storage and warehouse properties in Texas. The company, known for a portfolio of significant Class B office space, has repositioned its portfolio.
“The disposition of (Mitchelldale Business Park) places us one step closer to following the new direction of expanding our investment classes to include self-storage.” said Silver Star’s Mark Torok, who was named CEO in October, when Al Hartman took over as executive chairman.
Partner’s investment fund acquisition
Partners Capital, the investment arm of Partners Real Estate (formerly known as NAI Partners), acquired Mitchelldale Business Park through Partners Investment Fund IV.
“Partners Capital is pleased to close Fund IV with Mitchelldale Business Park,” said Andrew Pappas, partner and president of Partners Capital. “With its prime location in one of Houston’s most desirable industrial submarkets, we believe our latest acquisition is well positioned for long-term success.”
Funding was provided by Origin Bank. The Mitchelldale property was purchased off-market and is currently 95 percent let.
“We plan to improve the property’s curb appeal, lighting and infrastructure,” said Adam Hawkins, partner at Partners Capital.
The Mitchelldale closing marks the eighth and final acquisition for Partners Investment Fund IV. Fundraising is underway for Partners Opportunity Fund V, which will be a $150 million equity investment that buys value-adding industrial, retail and office properties. Partners Capital has completed over $450 million in transaction volume over the past six years and their current portfolio consists of more than 1.4 million SF.
March 15, 2023 Realty News Report Copyright 2023
Photo: Courtesy Silver Star Properties
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File: Partners buy former Hartman properties. Al Hartman. Mark Torok. NAI, Partners acquires former Hartman Properties.