HOUSTON-With an eye toward value-added opportunities,a local investment company has taken possession of twoforeclosed buildings totaling 40,500 sf at 14350 Chrisman Rd.Houston-based CRG Properties purchased the 35,000-sfwarehouse and 5,500-sf office building fromHouston-based Metro Bank, which foreclosed on theproperties about 18 months ago from KHK Scaffolding.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.