The 93,828-sf office building at 1300 W. Sam Houston Parkway was a direct deal between the principals, making the price a closely guarded secret. According to the Harris County Appraisal District, the class A, four-story building on 2.4 acres is assessed at $4.5 million.
Kirk Pfeffer, a principal with Texas Equity Partners, tells GlobeSt.com that the building was 46% leased when he and his partner, Ernest D. Cockrell II, bought it. Pfeffer says the building's broker, Mark Preston with Moody Rambin Interests in Houston, was kept in place and is holding enough signed deals to lift occupancy to 74%.
The new owner has levied a $19 per sf rate on a building that underwent a $4-million exterior and lobby renovation just a couple years ago. Lead tenant, US Physical Therapy, occupies 39,000 sf.
Formed last year, Texas Equity Partners uses private equity to develop and invest in office properties and commercial land in the state. And like others, Pfeffer says he's on the lookout for more acquisitions.
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