Investor Buys Westchase Office, Market briefs

In Houston, JLL Capital Markets has completed the sale of Briar Forest Crossing, a 94,404-SF office building in west Houston.

In Jll represented the seller, CapRidge Partners, Llc in the off, market transaction. LM & Associates, LLC, a 1031 investor, purchased the property and was represented by Doug Pack of Colliers, who will also be handling the leasing.

Briar Forest Crossing is located at 1300 West Sam Houston Parkway, at the northwest corner of Sam Houston Tollway and Briar Forest in Houston’s Westchase submarket. The office building is located east of Houston’s Energy Corridor.

The four-story building is currently 73.1 percent leased and serves at the headquarters location for US Physical Therapy. Building amenities include a common area conference center and parking in an attached structured garage.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Marty Hogan.

Earlier this year, JLL’s Hogan represented CapRidge Partners in the sale of 12012 Wickchester, a 109,473-SF, Class B office building in Houston’s Energy Corridor.

The pace of office sales has been muted recently.

However, some deals are getting done. In February, it was reported, Woodforest Bank has purchased Town Center I & II office buildings in The Woodlands. The buildings, located at 1450 Lake Robbins Dr. and 1330 Lake Robbins Dr., contain over 275,000 SF combined, the two, six-story buildings are adjacent to The Woodlands Mall. The seller was represented by Jeff Hollinden, Kevin McConn, Jack Moody, and Sherri Rollins with JLL. Jeff Beard of SVN, J. Beard Real Estate represented the buyer, Woodforest National Bank.