Houston-based Hartman Income Real Estate Investment Trust’s jointly-owned subsidiary Hartman 1960 Properties has purchased 616 FM 1960 from Koll Bren Fund V.

The 142,194 square foot, eight story building is located at 616 FM 1960 West, approximately five miles from George Bush Intercontinental Airport and adjacent to Interstate 45 and the Hardy Toll Road.

Lead tenants at 616 FM 1960 include Chase Bank, a financial service firm, and AEI Engineering, a Houston-based civil engineering consulting firm.

616 Fm 1960 is currently 74 per cent occupied. Hartman Income Reit’s business plan is to stabilise the building at current submarket rates.

Al Hartman, Hartman chief executive and chairman of the board, says: “We see the current market as a great opportunity to buy properties at discounted prices. We have not seen these types of buying opportunities in a generation. We sat on the sidelines from late 2005 to mid 2007 when properties values peaked, and avoided over-paying for properties like many other companies did.

"This approach allowed us to maintain our track record in terms of yield for the investors. We specialise in buying properties in which we can add value by making improvements and leasing up the properties. The types of properties we are seeing now are generally foreclosures and offer value-add opportunities.”