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Blatteis & Schnur Venture Pays Over $1,800/sf for Tiffany & Co-Anchored Retail Property in Pasadena

6/21/22

A joint venture of Los Angeles-based Blatteis & Schnur and Hayward-based The Felson Companies has acquired the high street Tiffany and Shops, a 28.4k sf Tiffany & Co, Crate & Barrel and House of Hoops (Foot Locker)-anchored street front retail property located in Pasadena. The asset traded for $52.25 mil, or approximately $1,838 per square foot – a record for Colorado Blvd and the city of Pasadena, resulting from the project’s strong rental rates.

Tiffany and Shops is located at 64-68 Colorado Blvd, at the heart of Pasadena’s famous Old Town Pasadena Shopping District, the property benefits from significant visibility along Colorado Blvd. and De Lacey Ave, where traffic counts exceed 29,250 vehicles per day and access to public and private parking lots abound.

Featuring corporate leases to Tiffany & Co, Crate & Barrel and Foot Locker (operating its House of Hoops concept at this location), the property acts as a flagship location for the respective brands within Old Town Pasadena, an area internationally known for the annual New Year’s Day Tournament of Roses Parade (attracting +1 million visitors), the Rose Bowl (+90,000 seats), and the Norton Simon Museum to name a few.

Jimmy Slusher, Philip D. Voorhees and Trent Steeves of CBRE’s National Retail Partners - West represented the seller, a partnership managed by Los Angeles-based Rockwood Capital, in the transaction. Slusher, Voorhees and Steeves also represented the buyer.

“It’s rare for such an iconic location with world class tenancy to become available,” said Slusher. “CBRE experienced strong interest largely due to the renewed long-term lease with Tiffany & Co. and relocation of Crate and Barrel into the site, both confirming the corner of Colorado and De Lacy as the 100% retail location along the famed retail corridor.”

“As America learns to live with COVID we’re seeing life in urban markets return to conditions more like normal. Colorado Boulevard’s history and authenticity provide a street retail experience that cannot be replicated. CBRE expects urban gems like Tiffany and Shops will see increased demand by customers and investors alike.” said CBRE’s Voorhees. “LVMH consolidated many of the premier luxury retail brands globally including Tiffany & Company. Opportunities to own free-standing properties leased to an established, high-performing LVMH credit tenant are scarce, particularly at a wide cap rate spread to the US 10 Year Treasury.”




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