"These buildings are in tough shape," says JayJenckes, anassociate with Grubb & Ellis Co. whorepresented Metro Bank inthe transaction along withThad Hickman and Tyndall Yapp. "They willneed work."
Jenckes tells GlobeSt.com that CRG Properties plans tospendabout $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 and20-toncrane. "There's not a lot of crane-served buildingsoutthere," he notes.
The buildings were originally listed at $950,000, butduringescrow they were broken into and stripped oftheir copper wiring andair conditioning units, amongother things, Jenckes says. As aresult, the listprice dropped. According to the HarrisCountyAppraisal District, the buildings are worth $668,700.
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