Treadwell Named CEO at Houston REIT, Market briefs

In Houston, Silver Star Properties REIT, a transitioning company that was formerly affiliated with the Al Hartman organization, has named self-storage veteran, Steve Treadwell as its new chief executive officer.

In Silver Star Properties has been disposing of its Texas, focused commercial property portfolio as it pursues a plan to become a REIT concentrated on self-storage properties.

Earlier this year, Houston-based Silver Star began efforts to have its shares traded on an established stock exchange.

Treadwell, who becomes CEO effective Aug, 21, previsouly was CEO of SpareBox Storage, which has over 100 locations across nine states. Prior to SpareBox, he spent six years with National Storage Affiliates, the publicly traded US-based self-storage REIT where he served in a variety of roles including Chief Operating Officer.

“This is a significant milestone for the Company as we continue to reposition our asset base into self-storage,” said Gerald Haddock, chairman of the Silver Star executive committee. Early in his career Haddock was part of the Richard Rainwater organization. “As a corporate problem-solver, Steve will leverage his extensive self-storage industry experience, his exceptional vision and his outstanding management skills to significantly accelerate our transition and help us strengthen our portfolio.”

David Wheeler, Silver Star’s President, commented, “We have been diligently preparing the foundation for Steve’s arrival by generating cash for our transition through property sales which will be instrumental as we look to close on the refinancing of our SASB Loan around September 1st.”

Silver Star has been utilizing 1031 tax free exchange transactions as it sells off office and retail properties in Houston, Dallas and San Antonio that were once part of an 8 million SF portfolio controlled by a predecessor company, Hartman Short Term Income Properties XX.

Last October, it was reported the Houston-based Hartman REIT, had named Allen R. Hartman as Executive Chairman and Mark T. Torok as Chief Executive Officer. Then around Christmas, while Torok was still CEO, it was reported the company was changing its name to Silver Star and would focus on the self-storage sector.