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New Houston Firm Marks First Purchase

HOUSTON-Formed last year, Texas Equity Partners acquires the 93,828-sf Briar Forest Crossing in a direct deal with Amberjack Ltd. The class A holding was 46% leased at closing, but enough signed deals are now in hand to lift occupancy to 74%.

By Jennifer Brenner Andrade | Updated on February 06, 2004

HOUSTON-A new player in town, Texas Equity Partners of Houston, has acquired its first asset, Briar Forest Crossing in the Westchase submarket. Amberjack Ltd., a division of State Farm Insurance Co. of Bloomington, IL, was the seller.

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%.

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