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3/22/17
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ANDA Realty Capital purchased a historic, 55k sf office building in downtown Pasadena. The seven-story building is located at 225 East Colorado Blvd, at the prominent corner of Colorado and North Marengo Ave.
The property was sold by Barker Pacific Group. Although a price was not given out, a local pro we spoke to estimates the deal probably came in near $15 mil, or $270/sf.
225 E. Colorado is situated across the street from the award-winning, mixed-use development Paseo Colorado, less than two blocks from Old Town Pasadena and along the famed Tournament of Roses Parade route. Originally built in 1912 for Citizens Savings Bank, the building's original marble walls, wood paneling and brass finishes have been completely restored in recent years, preserving the building’s authentic character.
JLL’s Tom Bohlinger and Jon Lange represented both parties in the transaction. Brian Halpern and Alex Kane of JLL secured a bridge loan for the buyer.
“We’re bullish on the Pasadena office submarket and excited to own this beautiful historical building,” said Andy Carpiac, Partner at ANDA Realty. “It’s been well run by the seller and has a roster of happy tenants. In addition, the small office suites should require less tenant improvement capital over time, giving us a good shot at producing strong distributable cash flow.”
According to Lange "Barker Pacific Group recently completed capital improvements, including new HVAC to tenant suites, efficient lighting upgrades on all floors and a technology-oriented conference facility. These improvements, along with high slab-to-slab ceiling heights, make the building ideal for technology, media and entertainment tenants."
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