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8/14/15
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A joint venture between Barker Pacific Group and LNG Management has acquired 225 East Colorado, a seven-story, 50k sf historic building in Pasadena. Bank of America provided financing on the deal.
Located on the corner of East Colorado Blvd and Marengo Ave, 225 East Colorado is currently 96 percent occupied. Notable tenants include Analytics Media Group, Dilbeck Realtors, and Smith Brothers Restaurant Corporation.
“225 Colorado is an architectural gem. We will embrace and respect the historic beauty of this asset, while also implementing a series of targeted building improvements that will cater to a modern workforce attracted to Pasadena and its amenities,” said Barker Pacific CEO Michael Barker. “We will install building-wide Wi-Fi and fiber optic cabling, improve the common areas, and install a new central air conditioning system. We also intend to utilize some of the original building elements in the office spaces, which include brick walls and concrete floors.”
The seller was a venture between Barker Pacific and Wells Fargo Real Estate Investor.
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