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SOUTHERN CALIFORNIA NEWS
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Older Building in Pasadena’s Playhouse District Sells for $350/sf

10/22/18

Morton Development Group has purchased the iconic Artistry Theater Building in the heart of Pasadena’s thriving Playhouse District in a recent $5.3 mil acquisition. The 15.1k sf ($351/sf) building is located at 600 E. Colorado Blvd, between Los Robles and Lake Aves.

Built in 1931 as a United Artists theatre, the property was a popular preview house that would show early-cut screenings of films for public feedback. Orson Welles and Alfred Hitchcock had screened their classics in the early 1940s, and the latter had even gone so far as to reshoot the ending to Suspicion due to the audience response.

The property was renovated first in 1960 but, despite a 1997 remodel, had fallen into a long state of disrepair and neglect. Its tenant of more than a decade, Angels School Supply, vacated the building more than three years ago and it has been vacant ever since. The well-located property sits between the trendy Urth Caffé and the Pasadena Playhouse.

Andrew Berk and Chase Gordon with Avison Young represented the seller, Colorado Creative LLC. Morton Development Group was self-represented. The buyer plans to redevelop the property to attract a dynamic group of quality tenants ranging from fitness to luxury home goods, office users and restaurants.

“We had multiple offers but understood that we had to maintain our focus on just the right buyer who appreciated the next-generation opportunities for the bow-truss and vaulted building, but also had the experience and development knowledge to navigate the heavy permitting and construction requirements,” comments Berk.





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