Located at 320 South Lake Avenue, the retail building is situated in the premier shopping corridor of Pasadena, Calif. The property’s dynamic urban location features neighboring retailers including Macy’s, Anthropologie, Williams-Sonoma, Pottery Barn Kids, Talbots, Ann Taylor, Pacific Sales, Corner Bakery, Trader Joe's, The Children’s Place, and many others. The building was vacant at the time of sale.
The buyer, a private investor in Beverly Hills, Calif., was represented by Patrick Luther and Nicholas Coo of Faris Lee Investments of Irvine, Calif. The seller was a private investor based in Encino, Calif.
“The buyer competed with 6 other buyers that were also interested in buying the asset and had a desire to buy a building along this active street," Lopez stated. “The purchase price was in alignment with other vacant buildings located along South Lake Avenue, which have sold in the past 3 years.”
This transaction is the second sale HI Urban Retail Advisors has executed within the city of Pasadena and along South Lake Avenue in recent months. In November of 2011, the company executed the sale of The Commons along this district. The Commons is an 85,000-square-
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment advisory firm with a two billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.
About HI Urban Retail Advisors
HI Urban Retail Advisors is a retail investment division of Hanley Investment Group Real Estate Advisors specializing in the sale and advisory of high profile mixed-use and urban retail properties in dynamic commercial districts across the United States. Built on unsurpassed dedication and an impressive track record of performance and results, HI Urban Retail Advisors consistently exceeds client expectations through its unparalleled, comprehensive knowledge of urban retail from a national and global perspective.
Whether it is situated in a well-located, dynamic commercial district, or in conjunction with a mixed-use project, urban retail is a very specific product type within the overall retail marketplace. HI Urban Retail Advisors guides clients in attaining the highest returns through its exceptional experience and responsive team that thoroughly comprehends this unique and growing market segment. HI Urban Retail Advisors utilizes its innovative expertise to lead property owners through complex issues relating to land use and the progressive revitalization of high density urban areas to effectively help clients understand the significant characteristics of each urban retail asset and its optimum positioning and value.
HI Urban Retail Advisors works closely with investors to develop and maintain long-term relationships and has successfully accumulated a highly targeted database of mixed-use and urban retail property investors and owners from every major urban market in the country that is unmatched in the industry. HI Urban Retail Advisors' concentrated expertise and exclusive focus on mixed-use and urban retail properties translate into measurable results and is the reason that clients rely on HI Urban Retail Advisors to be the most dependable source for valuation services, market information and urban retail investment sales. For more information, visit the Company’s website at www.hiurbanretail.com or call (949) 585-7610.