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Hanley Investment Group’s Urban Retail Division Negotiates Sale of Two Properties
Hanley Investment Group’s Urban Retail Division Negotiates Sale of Two Properties in Pasadena's South Lake Avenue Retail District for $20.5 Million
Lopez, along with Hanley Investment Group’s Urban Retail Division's Senior Associate Lee T. Csenar, represented the buyer and seller in the sale of the 20,425-square-
"This investment offers Paragon an upside potential and an opportunity to obtain market rate lease rates," said Lopez. "100% of the occupied square footage has renewed or extended their leases since 2010, confirming market rents and the demand for retail space at the Pasadena Collection."
Built in 2004 in the heart of the South Lake District of Pasadena, the retail portion of Retail @ Pasadena Collection includes Vitamin Shoppe, Sharky's Woodfired Mexican Grill, T-Mobile, Jimmy John’s, Oregano Fresh Greek, National University and Cham Korean Bistro. The building includes access to parking spaces in the garage for the ground floor retail tenants and customers.
"This is a trophy location with excellent demographics,"
According to Csenar, "Retail @ Pasadena Collection is one block north of the Corporate Center Pasadena, a 637,000-square-
In the second transaction, Lopez with Pat S. Hurst of Hurst | Harrigan Associates, Inc., represented the seller in the sale of The Arbour Building, a two-story 29,334-square-
According to Lopez, the sale of Arbour Building represented a rare opportunity to purchase a 29,334-square-
"The Arbour Building is located in one of the premier shopping corridors in the region and offered a tremendous upside with 54% vacancy, as well as the ability for the purchaser to occupy a portion of the building," noted Lopez.
"Within a 3-mile radius of both Retail @ Pasadena Collection and The Arbour Building, the average household income is approximately $96,000, and there is a synergistic mix of tenants surrounding the property including Anthropologie, Ross Dress for Less, The Children’s Place, Talbots, Corner Bakery, Gymboree, Pottery Barn Kids, Jos. A. Bank, Pacific Sales, Pier 1 Imports, Trader Joe's, Williams-Sonoma and many other nationally recognized retailers."
"There is a strong daytime population from the surrounding 2 million square feet of Class A office buildings, which provides a steady customer base to the tenants of Retail @ Collection and The Arbour Building and the other 600 businesses along South Lake Avenue," said Lopez. "The property also benefits from the outstanding demographics with annual household income in excess of $95,000 within a 3-mile radius."
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 brokerage firm with a $4+ billion 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.
Carlos J. Lopez