The ousted CEO of Silver Star Properties sold a DFW business park under the umbrella of his firm Hartman Properties.
Alan Hartman’s company offloaded Richardson Tech Center, a four-building showroom complex located at 651 Plano Road. The buyer was an entity associated with Addison-based real estate investor Entrada Partners.
The sale price was not disclosed, but Hartman’s firm said it was nearly double the $5 million it paid for the property through Hartman REIT XXI, Inc. in 2018.
The property was valued at $8.6 million in 2024, appraisal district records show.
The property was 73 percent occupied when Hartman purchased it in 2018; it’s now 95 percent occupied, the company says.
San Antonio-based lender Zions Bancorporation, also known as Amegy Bank, provided the financing for Entrada. Loan documents did not include the mortgage amount.
Hartman is the former CEO of Houston-based Silver Star Properties.
The Silver Star board fired him amid claims of mismanagement. Specifically, the board claimed Hartman borrowed millions in unauthorized debt and accused him of nepotism involving his daughter Margaret Hartman.
Hartman’s alleged mismanagement culminated in the firm defaulting on a $259 million CMBS loan from Goldman Sachs tied to 39 properties in Oct. 2023, the board claims. In addition, he has continued to sabotage the company since his departure, the board has alleged.
Hartman has denied the allegations.
The SEC opened an inquiry into the firm in February.
To address its financial woes, Silver Star is selling off its portfolio of office, industrial and retail properties and making the pivot to self-storage.
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On September 2, Haddock provided an update on the firm’s strategy pivot. He said Silver Star sold 28 of its 47 legacy assets and intends to sell another 11 legacy properties before the end of the year.
The liquidation of legacy assets includes the sale of Richardson Heights, a retail strip Silver Star sold for $40.5 million, SEC filings show. That’s about $202 per square foot.