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August 17, 2019
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RETAIL NEWS
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Foreign Investor Picks Up Pasadena Retail Property in $5 Mil Transaction

6/27/19

An 8.1k sf retail property in Pasadena was purchased by a private foreign investor for $5.18 mil ($639/sf), in an all-cash deal. The property is located at 777 S. Arroyo Pkwy, only a few blocks away from Old Town Pasadena, a neighborhood with many dining, retail and entertainment venues.

The debt-free medical and retail strip center is 100% occupied by such tenants as Pizza Hut, Subway and VCA Animal Hospital, as well as a dental clinic and nail salon.

CBRE’s Alex Kozakov and Patrick Wade represented the unidentified private seller.

“Pasadena has remained one of the strongest retail and medical submarkets in LA County,” said Kozakov. “The proximity to the Huntington Hospital and Fillmore Station Metro line make the property highly desirable from both an investor and tenant standpoint.”

Properties focused on active tenant categories, including those in fitness, furniture, food, fashion, and fun, remain the dominant drivers in the region due to relative Internet resistance and their ability to cater to a consumer base that craves experience over all else, according to CBRE first-quarter research.

Overall vacancy during the first three months of the year rose 30 basis points quarter over quarter to 5.4% and was up 40 basis points year over year. Average asking lease rates dropped slightly to $2.40 per square foot due to the influx of new space on the market. Projections forecast gradual increases in vacancy, but not enough to move overall vacancy much from where it is.




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