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LOS ANGELES COUNTY NEWS
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Historic Craftsman Office Property in Pasadena Sells for $500/sf

8/08/17

A historic Craftsman office building in Pasadena, called the Sanborn House, traded hands in a recent sale valued at $3.4 mil. The 6.8k sf ($500/sf) asset was purchased by a local real estate investment firm that will occupy a portion of the property.

The property, located at 65-69 N. Catalina Ave, is a unique Greene & Greene Craftsman residence built in 1903. The site has been renovated and preserved by the sellers, Gaylaird and Gayle Christopher.

The property is currently used as a multi-tenant office property with three separate buildings on one parcel. Current tenants at the building include Hubris Studios, a design and advertising agency, among others.

Samuel P. Sanborn, a Pasadena attorney, originally built the house – which still features the original carriage house -- as his family home. Formerly located at the northwest corner of Colorado Blvd and Catalina Ave, the building’s octagonal entry faced that intersection. The home was sold and moved to its present location in 1924 and through the years has served as a convalescent facility, hotel and, now, an office building.

CBRE’s Chalvis Evans and Kyle Barratt represented the sellers , Gaylaird W. Christopher and Gayle A. Christopher of Architecture for Education, which will be relocating to Old Town Pasadena. The buyer, 65 North Catalina Avenue LLC, was repped by David Kutzer at Newmark Grubb Knight Frank.

“We received a large amount of interest from investors and owner-user-type buyers,” commented Evans. “Demand for creative office space is tremendous in strong office markets such as Pasadena. Rarely do these types of character buildings come up for sale and when they do, buyers pursue them aggressively.”

Los Angeles County’s Tri-Cities office market has been improving steadily, according to CBRE research. It encompasses nearly 27 msf and includes the cities of Pasadena, Burbank and Glendale, plus four other adjacent, smaller submarkets. Nearly 1.8 msf of positive net absorption has occurred in the Tri-Cities since the beginning of 2011, decreasing the market’s vacancy rate from 17 percent at year-end 2010.





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