But, there is no guarantee of receipt. "The only position right now we're taking is to internalize our management," says James C. Mastandrea, interim CEO and chairman of HCP REIT's board of trustees. "We're looking at our company as an independent company to grow, but we aren't shying away from any potential offers. We'll look at them and evaluate them." Mastandrea wouldn't comment on the specific American Spectrum offer, but added that HCP REIT isn't actively soliciting additional offers. Calls to the locally based American Spectrum, led by William J. Carden, were not returned by publication time.

American Spectrum's offer comes within six weeks of HCP REIT's split with Hartman Management LP, which headquarters at 1450 W. Sam Houston Parkway North. The two companies signed a partnership agreement in 1999 whereby Hartman Management oversaw management and leasing for the REIT's 37 properties. When the leasing agreement expired Sept. 30, the REIT board a few days later terminated the property management agreement. The board also removed Allen R. Hartman as board chairman, CEO and secretary.

Until the termination, Hartman Management was HCP REIT's adviser and handled its day-to-day operations and property portfolio. Mastandrea tells GlobeSt.com that the agreement was terminated so it could become an independent company and internalize management. HCP REIT is a non-traded public REIT.