Hartman Short Term Income Properties XX, Inc. has entered into an agreement to acquire a 3-story suburban office building commonly known as Corporate Park Place in Irving, Texas for an aggregate purchase price of $9.5 million.
Corporate Park Place in Irving contains 113,429 square feet of office space. The seller is AF Corporate Park Place, Ltd., an entity affiliated with Fabare Commercial.
Located at the northeast corner of Corporate Drive and Highpoint Drive, near John W. Carpenter Freeway/114 and the President George Bush Turnpike, Corporate Park Place is a Class B office building constructed in 1980 at the epicenter of the Office Center in the Las Colinas submarket. The building is currently 81 percent leased, according to LoopNet, which lists Colliers International’s Creighton Stark as the listing broker.
Corporate Park Place is a ten minute drive from DFW International Airport and Dallas Love Field Airport is just over 10 miles to the southeast.
Hartman intends to finance the acquisition of the Corporate Park Place Building with proceeds from its ongoing public offering and financing secured by the Corporate Park Place Building.
The acquisition of the Corporate Park Place Building is subject to customary conditions to closing, and there is no assurance that the company will close on the acquisition.