Lee & Associates – Pasadena Closes An All Cash Sale on a 25,210 SF Office Building in Azusa, CA
January 12, 2022 (Azusa, CA)
Prominent 25,120 SF office building visible from the 210 Freeway located at 1151 W. 5th Street in Azusa successfully closed on January 4, 2022 for $4,396,000.
Founding Principals Christopher Larimore and Vincent Molitor from Lee & Associates – Pasadena represented the seller – long-time owner Naxt Motors Inc. Arvin Poblete from NAI Capital represented the buyers, who are physicians that will occupy the building for their medical practices.
“The property went into escrow in December and closed 30 days after. What was impressive was how quickly it sold and how many cash offers we received to purchase such a large owner-user building in the East San Gabriel Valley,” explained Christopher Larimore. “It is a positive sign of recovery from the pandemic and a great way to start the new year. It further reveals the demand for office and medical owner-user buildings due to their limited inventory.”
1151 W. 5th Street is a glass line two-story office building with subterranean parking and two large surface lots secured by a security kiosk. Users get prime freeway exposure from signage on the building due to it frontage along the Foothill (I-210) freeway. Located along the foothills, the property enjoys easy access from the San Gabriel Valley to Orange County and the Inland Empire.
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| Christopher Larimore Founding Principal 626.240.2788 clarimore@lee-associates.com License ID 01314464 |
Vincent Molitor Founding Principal 626.240.2787 vmolitor@lee-associates.com License ID 01295360 |
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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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