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PASADENA, TX-Lennar Partners Inc. has sold a foreclosed property, a 109,800-sf box leased for 20 years to Lowe’s, to a Los Angeles-based private investor. Real estate sources say the Greater Houston-area property brought north of $11 million.

The buyer used 1031 Exchange proceeds to acquire the four-year-old Lowe’s Home Improvement Warehouse at 5400 Fairmont Parkway in Pasadena, located about 20 miles southeast of the Houston line, H. Dan Miller, first vice president in Houston for CB Richard Ellis Inc., tells GlobeSt.com. The buyer reportedly was turning around capital from a retail sale in California.

The Miami-based Lennar acquired the property through a foreclosure of one of its numerous commercial mortgage backed securities. Miller says 15 offers, representing an even split of institutional and private buyers, were laid on the table during the 60-day, no minimum-ask marketing. The high interest from the investment circle, he says, came from the 16-year balance left on the lease to a name like Lowe’s and the box’s positioning at a leading retail intersection, Beltway 8 and Fairmont Parkway. The “Main and Main” intersection, as he describes it, also holds a Home Depot, Palais Royal and Kohl’s.

According to the Harris County Tax Appraisal District, the property was last traded in May 1998 to Houston-based Pasadena Square Ltd. The 2002 assessed value of the big box and 12-acre parcel is about $7.6 million. In addition to Miller, CBRE associates Maggie Olgilvie, and Steve Mellon represented Lennar.

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