Silver Star Subsidiary Selling Richardson Office Campus for $6.6M

Silver Star Properties subsidiary Hartman SPE is poised to sell an office campus in Richardson, highlighting the firm’s offloading strategy after filing for bankruptcy this past summer.

California-based investor Avistone LLC has agreed to pay $6.6 million for the 108,000-square-foot Central Park Business Center at 1900 Glenville Drive, north of Dallas, the Dallas Morning News reported. Houston-based Hartman SPE is seeking the bankruptcy court’s approval for the sale. The price is a little over $61 per square foot.

“The purchase agreement represents the best offer obtainable at this time and under current market conditions,” Hartman president David Wheeler told the outlet.

The two-building Richardson campus was built in 1984 and is located in the city’s Telecom Corridor. CBRE Group had been marketing the property.

In light of its financial troubles, Hartman is attempting to offload a plethora of commercial properties to refocus the real estate investment trust on self-storage assets.

In North Dallas, the firm has agreed to sell the 10-story North Central Plaza I building to Costco for a little over $14 million. Hartman is also selling the 170,000-square-foot Westway One office complex in Irving for $12.5 million; an LLC tied to the Good Companies is the buyer of the north suburban site.

Furthermore, the bankruptcy court greenlit the sale of the Gateway tower at 8111 LBJ Freeway for over $14 million to Hamilton Commercial LLC.

In early 2023, Hartman owned 44 commercial properties, totalling nearly 7 million square feet across Dallas, Houston and San Antonio.

Avistone, meanwhile, owns a number of industrial assets in California, Georgia, Ohio, Texas and Florida. Its Texas portfolio includes office and industrial properties in Dallas and San Antonio.

—Quinn Donoghue