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December 18, 2018
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Pasadena Office Property Purchased for $494/sf


ASAP International Hotel LLC paid $1.93 mil for a 3.9k sf ($494/sf) office building in Pasadena. The property, located at 81 N. Mentor Ave, was sold by a private investor.

The single-story office building is situated in the heart of downtown Pasadena, just one block from Colorado Blvd and Lake Ave. Built in 1952, the freestanding multi-tenant building sits on a 6.5k sf lot. It has a small parking lot in back, great street visibility and excellent transportation access minutes from the Lake Gold Line Station.

In addition to local area amenities like restaurants, banking and retail stores the building is in a desirable Tri-Cities office submarket. The property was 100% vacant at the time of the sale. The new owner plans to occupy the entire building and hold it as a long term investment.

Robert Stover with NAI Capitalís Pasadena office represented the seller in the deal.

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