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Texas  + Houston-Galveston  + Office  | 
Briar Forest Crossing picked in 1031 Exchange

Investor Picks 100K SF Houston Office in 1031 Exchange

A Houston-based investor has purchased a four-story office building in west Houston in a 1031 exchange.

LM Associates acquired the 104,805-square-foot Briar Forest Crossing, at 1300 W. Sam Houston Parkway, in an off-market deal from Austin-based CapRidge Partners LLC. The company’s principal, Lewis Marks, sold a downtown office building he owned previously, 917 Franklin Street, in December to NewForm Real Estate. The Denver Business Journal said the real estate swap qualified as a 1031 exchange, Marks said, meaning it was not subject to capital gains taxes on the sale.

In a LinkedIn post, Marks said he sold the downtown building after more than eight years at a 19.4% internal rate of return. The building is 73.1% occupied.

Marks plans to upgrade common areas, the conference center and restrooms and add an upscale grab-and-go deli to the building within the next two months.


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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Sale/Acquisition
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