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12/11/14
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The Commons, one of Pasadena’s most recognizable commercial properties, was purchased by an unnamed global investment management firm. The 85.7k sf property, located at 140 - 146 S Lake Ave, was sold by Arenda Capital Management with joint venture equity partner AEW Capital Management.
Originally purchased in late 2011 by Arenda Capital and AEW, the partnership curated an exciting retail tenant mix including Drybar, Soul Cycle, and Lemonade surrounding the beautifully renovated outdoor garden and historic Williams Sonoma building. Other tenants include Green Street Café, The Counter, 18/8, and Seco New American.
The property is one of the most popular destinations on South Lake, and benefits greatly from the affluent demographics of the trade area. Stretching along South Lake Ave from Colorado Blvd to California Blvd, the South Lake district is one of the most recognized retail and office destinations in the area, and eatures a diverse mix of Class A office space, retail, restaurant and entertainment amenities.
The buyer has plans to further enhance value and hold the property long term. Bob Safai, Matt Case, and Brad Schlaak of Madison Partners represented the seller in the widely marketed offering of the property, which garnered extremely strong interest from local, national and foreign buyers. The price was not given out.
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