"These buildings are in tough shape," says JayJenckes, an associate with Grubb & Ellis Co. whorepresented Metro Bank in the transaction along withThad Hickman and Tyndall Yapp. "They will need work."
Jenckes tells GlobeSt.com that CRG Properties plans tospend about $200,000 to renovate and reposition the1970s-era buildings, which are situated on 4.5 acresnear Hardy Tollroad and Beltway 8. The warehouseboasts a five-ton crane, a 10-ton crane and 20-toncrane. "There's not a lot of crane-served buildingsout there," he notes.
The buildings were originally listed at $950,000, butduring escrow they were broken into and stripped oftheir copper wiring and air conditioning units, amongother things, Jenckes says. As a result, the listprice dropped. According to the Harris CountyAppraisal District, the buildings are worth $668,700.
CRG Properties purchased the buildings as part of a1031 exchange and paid cash to close the transaction.The firm was represented by Eric Hughes ofHouston-based National Realty Group.
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