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6/02/17
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A 6k sf, historic retail building in South Pasadena sold for $2.28 mil ($380/sf). The building, located at 1509 Mission St, just west of Fair Oaks Ave, is fully leased to South Pasadena Music Center & Conservatory.
The building was originally built in 1917 for use as a hardware store and was most recently renovated in 2008. It features a 20-foot ceiling, hardwood floors, exposed wood trusses, brick walls, steel beams and a built out basement. The property, used by the tenant to instruct its 240 music students, includes 11 teaching studios, a drum studio and performance and rehearsal hall space.
South Pasadena’s new General and Specific Plans are being created to help guide an even more dynamic, walkable and amenity rich neighborhood that has become a new Gold Line station destination community.
Avison Young’s Andrew Berk represented the local seller, Pasadena-based Little Acorn Properties, as well as the buyer, a South Pasadena-based private investor.
“This was an ideal situation for both buyer and seller,” comments Berk. “The local buyer recognized the value of the irreplaceable and historical asset that was entirely retrofitted and impeccably renovated by Little Acorn Properties. The seller was able to free up capital to focus on other redevelopment projects in the area.”
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