Briar Forest Crossing. Image courtesy of JLL Capital Markets
CapRidge Partners has sold Briar Forest Crossing, a 94,404-square-foot office building in Houston. LM & Associates LLC acquired the Class A property in a private 1031 exchange. Stellar Bank provided a $7.2 million acquisition loan, according to CommercialEdge data.
The property was 73.1 percent leased at the time of sale, serving as headquarters for U.S. Physical Therapy.
A JLL Capital Markets Investment Sales and Advisory team led by Managing Director Marty Hogan represented the seller in the transaction. Principal Doug Pack of Colliers worked on behalf of the buyer and is the leasing broker for the asset.
Constructed in 1980, the Energy Star-certified office building underwent a $4 million renovation in 2001, which included a new exterior, lobbies and infrastructure, according to CommercialEdge. Briar Forest Crossing features a conference center, two passenger elevators and approximately 378 parking spaces.
Situated at 1300 W. Sam Houston Parkway in Houston’s Briargrove submarket, the property is at the northwest corner of Sam Houston Tollway and Briar Forest Drive, having major street exposure. The location is close to several dining options, retail centers, entertainment venues and The Villages, one of Houston’s most affluent residential neighborhoods.
This transaction was not the first one completed by CapRidge this year. In February, the company sold a 109,473-square-foot office building situated in Houston’s Energy Corridor, while in March, it traded a 262,962-square-foot Class A office asset in Irving, Texas.
