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10/27/16
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Shops on Hill, a 32.7k sf mixed-use property in Pasadena, traded hands in a recent $13.4 mil ($410/sf) investment deal. The property, located at 1383 Washington Blvd, east of Lake Ave and north of the 210 Fwy, features two buildings on opposite corners of the intersection of E Washington Blvd and N Hill Ave.
The property consists of twelve single apartments on the second floor over ground floor retail. It contains mostly daily-need shops and other local retail services. It is also a regional draw for shoppers looking for unique boutique stores and services.
CBRE’S Ken McLeod, Alex Vasquez, and Tim Kuruzar represented the buyer, Shops on Hill LLC, an entity controlled by Engine Real Estate, and the seller, Greenbridge Investment Partners Inc, in the deal.
“Shops on Hill provides a unique opportunity to acquire two corners at a pivotal intersection,” said Vasquez. “With its attractive, vintage brick façade architecture and location, Shops on Hill has unparalleled visibility.”
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