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5/25/12
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A vacant, 10.6k sf retail building situated on Pasadena’s renowned South Lake Avenue Retail District was purchased a Beverly Hills-based private investor. The purchase price was not disclosed.
Located at 320 South Lake Ave, the building is within Pasadena’s premier shopping corridor. Other national retailers in the immediate area include Macy’s, Anthropologie, Williams-Sonoma, Pottery Barn Kids, Talbots, Ann Taylor, Pacific Sales, Corner Bakery, Trader Joe's, The Children’s Place, and many others. The building was vacant at the time of sale.
Patrick Luther and Nicholas Coo of Faris Lee Investments represented the buyer. Carlos J. Lopez of HI Urban Retail Advisors and Kevin Boasberg of Commercial Real Estate Network represented the seller, a private investor out of Encino.
“The buyer competed with six other buyers that were also interested in buying the asset and had a desire to buy a building along this active street," Lopez stated. “The purchase price was in alignment with other vacant buildings located along South Lake Avenue, which have sold in the past 3 years.”
This transaction is the second sale HI Urban Retail Advisors has executed within the city of Pasadena and along South Lake Avenue in recent months. In November of 2011, the company executed the sale of The Commons along this district. The Commons is an 85k sf retail/office project consisting of high-profile retail and office space. The retailers include notable tenants such as: Williams-Sonoma, Lemonade, Green Street Café, The Counter, and Café 140.
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