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5/01/19
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The Arroyo Parkway LLC, a Pasadena-based investment group, has purchased an 80k sf retail building fully leased to Whole Foods Market and two acres of adjoining land in Pasadena from a private family trust. The off-market transaction, which was part of a 1031 exchange for the seller, was valued at more than $100 mil and took over a year to complete.
The Whole Foods building and two acres of land are located at 465-577 Arroyo Pkwy. Whole Foods has occupied the property since it was built in 2007. It is the high-end grocer’s largest store on the West Coast.
David Ickovics with Commercial Asset Group represented the seller in the transaction. The buyer represented itself. Ickovics also represented the private family trust 12 years ago when it purchased the property for $75 mil.
Ickovics is also representing the seller in the acquisition of other fully leased retail properties to complete the 1031 exchange. To date his client has purchased a 29.8k sf retail property leased by Gelson’s Markets in Pacific Palisades for $51 mil and a 34k sf retail property leased by Target in Santa Barbara for $27 mil.
“My client’s goal was to sell the properties in Pasadena, which required some management, and purchase Class A, single-tenant retail properties occupied by top-tier tenants with long-term absolute net leases, which would require no active management on his part,” said Ickovics.
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