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1031 Exchange: Investing in 100,000 SF Houston Office Property

1031 Exchange: Investing in 100,000 SF Houston Office Property

LM Associates, a Houston-based investor, recently acquired the 104,805-square-foot Briar Forest Crossing office building in west Houston through an off-market deal with Austin’s CapRidge Partners LLC. The company’s principal Lewis Marks sold his downtown office building at 917 Franklin Street to NewForm Real Estate in December and was able to qualify for a 1031 exchange which allowed him to avoid capital gains taxes on the sale. According to Marks’ LinkedIn post, he achieved 19.4% internal rate of return after owning the property for over 8 years and it is currently 73.1% occupied. In order to further improve its value proposition LM Associates plans on upgrading common areas such as conference centers and restrooms as well as adding an upscale grab & go deli within two months from now.

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