Briar Forest Crossing. Picture courtesy of JLL Capital Markets
CapRidge Companions has bought Briar Forest Crossing, a 94,404-square-foot workplace constructing in Houston. LM & Associates LLC acquired the Class A property in a personal 1031 trade. Stellar Financial institution offered a $7.2 million acquisition mortgage, in line with CommercialEdge information.
The property was 73.1 % leased on the time of sale, serving as headquarters for U.S. Bodily Remedy.
A JLL Capital Markets Funding Gross sales and Advisory group led by Managing Director Marty Hogan represented the vendor within the transaction. Principal Doug Pack of Colliers labored on behalf of the customer and is the leasing dealer for the asset.
Constructed in 1980, the Power Star-certified workplace constructing underwent a $4 million renovation in 2001, which included a brand new exterior, lobbies and infrastructure, in line with CommercialEdge. Briar Forest Crossing contains a convention middle, two passenger elevators and roughly 378 parking areas.
Located at 1300 W. Sam Houston Parkway in Houston’s Briargrove submarket, the property is on the northwest nook of Sam Houston Tollway and Briar Forest Drive, having main road publicity. The situation is near a number of eating choices, retail facilities, leisure venues and The Villages, one among Houston’s most prosperous residential neighborhoods.
This transaction was not the primary one accomplished by CapRidge this yr. In February, the corporate bought a 109,473-square-foot workplace constructing located in Houston’s Power Hall, whereas in March, it traded a 262,962-square-foot Class A workplace asset in Irving, Texas.
