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2929 Briarpark Drive

Updated Dec 4, 2024

Nirav Shah's Tenant Managers Acquires 140K SF Office Building At 2929 Briarpark Dr. From Argentic
SOLDOffice

Nirav Shah's Tenant Managers Acquires 140K SF Office Building At 2929 Briarpark Dr. From Argentic

2929 Briarpark Drive

Building Size

140,000 SF

Asset Type

Office

Closing

Sep 25, 2023

About this deal

AI

The property involved in this transaction is a 140,000-square-foot office building located at 2929 Briarpark Drive in the Westchase submarket of Houston. The property was purchased by Nirav Shah's company, Tenant Managers, from Argentic, a New York-based commercial real estate lender. The purchase price of the property has not been disclosed.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Undisclosed
  • Buyer: Nirav Shah - Tenant Managers
  • Seller: Argentic - Doug Tiesi
  • Market: Houston

Tenant Managers' acquisition of this office building marks the company's third purchase in Houston's Westchase submarket. This acquisition brings them closer to their goal of owning 1 million square feet of office space in the city. The property was acquired from a company associated with Argentic, demonstrating Tenant Managers' strategic expansion in the Houston market. Note that the exact details regarding the transaction, such as the purchase price, have not been publicly disclosed.

Players

A
ArgenticSeller

Houston Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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