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Chrisman Business Park Trades Hands

HOUSTON-A London-based investor acquires the 66,400-sf industrial center near George Bush Intercontinental Airport for $17 per sf, which translates to about $1.2 million.

By Jennifer Brenner Andrade | Updated on April 13, 2004

HOUSTON-Chrisman Business Park, a six building, 66,400-sf industrial center near George Bush Intercontinental Airport in north Houston has been sold to Michael Ewer of London.The brokers involved in the transaction were mum on the sales price, however; industry sources tell GlobeSt.com the property traded hands for around $17 per sf or near $1.2 million. The property was listed for $1.3 million. Jeffrey Barbles and Rob Chandler with the Houston office of Marcus & Millichap marketed the property on behalf of the seller, Braun Enterprises of Houston. Barbles tells GlobeSt.com that Braun’s principals had owned the property since the mid 1990s and will use the proceeds in a 1031 exchange to buy another local industrial property.Barbles says Chrisman Business Park, which is located at 14041 Chrisman Rd., fell out of contract once because several tenants moved out of the project, dropping occupancy to 40%. However, within three months Barbles says the property was back up to 75% occupancy, garnered six additional offers and was tied up by Ewer.Ewer is planning to give the six-acre asset a facelift, says Barbles. Ewer’s specific plans were not immediately available. Barbles estimates the industrial project needs about $250,000 worth of renovations.

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