Lewis Marks acquired a four-story office building in West Houston in a 1031 transaction.
Max, under his LM & Associates firm, purchased the 104,800-square-foot Briar Forest Crossing at 1300 West Sam Houston Blvd from CapRidge Partners for an undisclosed sum, Houston Business Journal reported. report.
JLL’s Marty Hogan represented CapRidge Partners in the sale, while Colliers agents Doug Pack and Sam Hansen Stands for Marks.
The acquisition comes months after Marks sold its downtown office building at 917 Franklin Street to NewForm Real Estate. Property swaps qualify as a 1031 exchange, allowing real estate investors to exchange one investment property for another while deferring capital gains taxes.
Terms of the 917 Franklin deal were also undisclosed, but the Harris Central Appraisal District valued the six-story, 51,000-square-foot building at $3.75 million. Briar Forest Crossing is reported to be valued at $11.8 million, including an attached 50,000-square-foot parking lot.
Briar Forest Crossing has an occupancy rate of 73%. It is the headquarters of American Physical Therapy Corporation, one of the largest public companies in Houston. Max plans to upgrade the common areas, conference center and restrooms, while adding more food options.
“We’re looking at the proper amenities,” Parker told the outlet. “We’re an A-grade product, so we think we’ll benefit from a ‘quest for quality’ and are taking steps to ensure we have a top-notch product.”
Briar Forest Crossing is near the bustling Energy Corridor business district, the Galleria District and Memorial Villages, one of Houston’s most affluent residential areas.
— Quinn Donoghue
