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HOUSTON-A consolidation of four private investment programs has led to the Hartman Income REIT, which will manage and lease office, retail and industrial properties in Texas. The REIT has 25 properties, with a market capitalization of $230 million.

A spokesman for the REIT says Hartman Income REIT president Allen R. Hartman believed combining four investment programs that had been in existence for several years would boost economies of scale and added clout in the marketplace. “The game plan is, at the appropriate time, to get the company listed on an exchange,” the spokesman adds. The REIT’s portfolio is divided fairly evenly between industrial, office and retail product.

The spokesman tells GlobeSt.com that Hartman is working on securing a line of credit for acquisitions. “He still has plenty of available funds for acquisitions,” he says. “He didn’t buy a property for close to two years because cap rates compressed to where the prices didn’t justify acquisitions.”

But with the market softening, Hartman is ready to jump in with some offers. “I think he’s planning on being aggressive during the next 12 to 24 months,” the spokesman says. The REIT will focus on buying underperforming class B or B-plus properties that will improve with upgrades, marketing and management. The company also has a development arm.

The REIT is Hartman’s second real estate investment trust. His first, HCP REIT, split from Hartman Management LP during late 2006, and is operating with different management as Whitestone REIT. Hartman Management LP and its 60-person team have been absorbed into Hartman Income REIT and will manage its assets.

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