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Smith-Glover Grabs 17,000-SF Foreclosure

HOUSTON-Smith-Glover Investments snags an industrial property from the lender, paying thousands below the ask to get expansion room for Discovery Resource, a litigation support company. The deal closes at roughly $660,000.

By Amy Wolff Sorter | Updated on August 26, 2005

HOUSTON-Smith-Glover Investments Inc., the real estate arm of Houston-based Discovery Resource, has purchased a 17,000-sf building for roughly $660,000 from the lender.

The 1980s-era manufacturing and warehouse building at 1511 W. 34th St. was sold by the First Bank of Central Texas of Temple, according to Chris Kugle, an associate with NAI Houston. He says the asset had been marketed for $725,000.

Kugle says the property was bought to provide Discovery Resources LLC, a litigation support company, with the room they needed to expand. “They’d simply outgrown their current facility on 29th street,” says Kugle, who represented the buyer in the transaction. Debbie Richardson of Michael Berry Properties in Houston negotiated for the seller.

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