Newly Hired MacAlister Plans $150M Portfolio

HOUSTON-Local company Hartman Management LP has brought in Bob MacAlister for its just-created position of national director of real estate development. With the position, MacAlister plans to boost the company’s portfolio value by an additional $150 million within the next year and a half through ground-up developments and joint ventures with developers nationwide.

According to company president Allen Hartman, the personnel move will help the company move from value-add opportunities through acquisition to boosting equity through direct ground-up developments and financing of joint venture projects. The main product type under consideration will be free-standing, single-tenant buildings. The company will also continue its acquisition and upgrade assets.

The developments and partnerships will be financed through Hartman Short-Term Income Property 19, a $50-million fund with potential leverage to $100 million. The fund will be ready for launch by early next year. In the meantime, MacAlister, who will officially begin his job in October, is working on a joint venture involving an investment-grade tenant build-to-suit in Florida, and says the deal should close within the next month. “The exciting prospect about all of this is, based on discussions with tenant and development partners within the past week, is that we anticipate being able to develop 10 to 15 similar deals annually,” MacAlister says.