|
|
6/19/17
|
Northwest Innovation Center, a single-story four-building campus, was acquired by Pacific Oaks Education Corporation. The price was not disclosed.
The purchase, encompassing 75k sf of space, is part of a long-term strategy allowing the college to grow and remain in Pasadena. The four buildings are located at 55 Eureka Street, 45 Eureka Street, 433 N Fair Oaks Avenue and 100 West Villa Street as part of a larger complex.
Pacific Oaks currently occupies approximately 45k sf of space in the 45 and 55 Eureka Street buildings. The next largest tenant is the State of California. The campus sits on the northwest corner of Fair Oaks Avenue and Eureka Street with immediate access to the 210 and 134 freeways and Old Town Pasadena. Pacific Oaks plans to upgrade the campus, built in 1964 and renovated in 2006, with amenities for students.
Josef Farrar, David Kluth and Aliya Coher with Newmark Knight Frank represented the buyer. The seller, NW Innovation Center LLC, was repped by Mark Shaffer and Kevin Duffy of CBRE.
“Pasadena is a vibrant market and the area surrounding the buildings has seen a great amount of recent building activity with new hotels, multi-unit residential and mixed-used projects,” said Farrar. “Net absorption has been positive for four consecutive years, while rents have increased for three years straight.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
