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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