$70 Million Sale in Phoenix, AZ & Houston, TX Brokered by Lee & Associates Pasadena Team – John Berger & Mauricio Olaiz
January 27, 2021 (PASADENA, CA)
Founding Principal John Berger and Associate Mauricio Olaiz successfully closed the largest sale transaction to date at Lee & Associates – Pasadena with a combined value of $70,791,000. Representing the buyer, who is both a long-term friend and client, Mr. Berger and Mr. Olaiz were able to assist in the acquisition of five industrial buildings located in Phoenix, AZ totaling 72,055 square feet and one 383,750 square foot industrial building located in Houston, TX; all as absolute NNN investment properties.
The buyer has transacted numerous acquisitions, dispositions, and leasing assignments locally in Pasadena, CA as well as in other states with Mr. Berger. “In this case, we were tasked with assisting the buyer in placing about $100 million. Representing the buy side in the current industrial core-obsessed climate where competition is fierce was not easy, especially with so much institutional money aggressively chasing the same product,” said Mr. Berger. 
“Our success in navigating these deals and our ability to beat out several other buyers, including numerous institutional buyers we were competing against, was due in part to matching their aggressiveness on pricing, but also through deploying a due diligence team comprised of extremely talented lawyers, bankers, and accountants that helped demonstrate the strength of our buyer. All of this was key to make the sellers comfortable with our client and provided much needed confidence in our client’s ability to close,” explained Mr. Berger.
The five industrial properties in Phoenix, AZ located at 515 & 545 W. Elwood Rd., 301 W. Elwood St., 101 W. Elwood St. and 314 W. West Rd. totaled $14,000,000 in sales. Cushman & Wakefield represented the seller.
8017 Breen Dr. located in Houston, Texas is the facility for National Oilwell Varco (S&P BBB+) and totaled $56,791,000 in sales. Colliers International represented the seller.
Press Release: RE Business Online
Press Release: Connect Media
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| John Berger, Founding Principal 626.240.2779 jberger@lee-associates.com License# 01799514 |
Mauricio Olaiz, Associate 626.240.2777 molaiz@lee-associates.com License 02073450 |
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ABOUT LEE & ASSOCIATES
Lee & Associates – Pasadena is a full service commercial real estate company headquartered in Pasadena, CA. Our client-focused brokers specialize in office, retail, tenant advisory, multifamily, and investment sales. As the fastest-growing broker-owned firm in the nation, with more than 60 office locations in North America, we are uniquely qualified to support our clients’ real estate needs in the local, national and international markets. For more information, visit lee-pasadena.com.
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