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2/06/15
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An under-utilized Pasadena site was recently acquired by a Beverly Hills-based developer who plans to turn the former industrial property into a vibrant retail center. The site, which measures slightly over one-half acre and includes a 2.3k sf building, is located at 800 S. Arroyo Pkwy, along one of the most heavily trafficked streets in the city, at the terminus of the 110 Fwy. It has housed a variety of industrial-based firms since it was first developed in 1935.
We’re told that demand for the property was so strong that multiple bids were received and it remained on the market for just 30 days before the sale was completed. It was purchased for $2.8 mil by Meyer Pacific.
Shadd Walker and Steve Calhoun of Colliers International represented the seller, Bruce Anderson. The buyer was repped in the transaction by Coldwell Banker Commercial.
“Arroyo Parkway has a very high traffic count since the Pasadena Freeway (110) begins and ends there,” noted Walker. “This site also benefits because changing demographics have brought major retailers to the rest of the street, which is surrounded by some of Pasadena’s most desirable neighborhoods. This is one of the last sites remaining along Arroyo Parkway that is primed for re-development into a higher and better use.”
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