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9/20/16
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Arroyo Gateway Business Park, a 43.3k sf, multi-tenant office campus in South Pasadena, traded hands in an $11.63 mil ($269/sf) sale. The property, situated on 2.2 acres at 143-161 Pasadena Ave, was acquired by Kota Commercial Assets affiliated LDW Pico Properties.
Arroyo Gateway Business Park was completely renovated in 2014, restoring the original bow truss ceilings and converting the office buildings to a modern creative design. The property is situated along Pasadena Ave in a highly accessible north/south thoroughfare adjacent to the historic I-110 Fwy. It connects South Pasadena to the city of Pasadena to the north and Downtown Los Angeles to the south. The property was 93.7% occupied at the time of the sale.
Carl E. Anderson, Sheri McCanless and Jodi Shoemake with NAI Capital’s Pasadena office represented the buyer and the seller, EFG-Arroyo Gateway LLC, in the deal. According to Anderson, the property offered the new owner a unique opportunity to acquire a newly renovated, creatively designed, multi-tenant investment with stable cash flow.
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