IRVINE, CALIF. – Hanley Investment (HI) Urban Retail Advisors, a 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, announced today that Carlos J. Lopez, President of HI Urban Retail Advisors, negotiated the sale of two properties along City of Pasadena’s renowned South Lake Avenue Retail District in Pasadena, Calif. These two sales mark Lopez’s 4th property sale in the Lake Avenue Retail District.
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-foot ground-floor retail condominium at Retail @ Pasadena Collection, a mixed-use development with 110 units of luxury lofts and condominiums located at the intersection of South Lake Avenue and Cordova Street in Pasadena, Calif. The purchase price was $10,800,000. The buyer was Paragon Real Estate Fund of San Diego, Calif. The seller was a Los Angeles-based private investor.
“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.” Paragon is managed by Roberto Jinich, Ricardo Jinich and Dan Berkus and has been one of the more active private buyers on the West Coast in the urban retail sector, closing on 10 transactions in the past 24 months, according to Lopez.
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,” said Lopez. “The intersection of South Lake Avenue and Cordova Street is in the heart of the South Lake Avenue retail and office district, which has extremely low vacancy.”
According to Csenar, “Retail @ Pasadena Collection is one block north of the Corporate Center Pasadena, a 637,000-square-foot Class A office complex, and only two blocks south of East Colorado Boulevard, which connects Lake Avenue to the Playhouse District and Old Pasadena.”
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-foot mixed-use retail/office building located at 527 S. Lake Avenue in Pasadena. The purchase price was $9,775,000. The buyer, a Los Angeles area credit union, was represented by Corey A. Waite of Colliers International of Los Angeles. The seller was a Los Angeles-based private investor.
According to Lopez, the sale of Arbour Building represented a rare opportunity to purchase a 29,334-square-foot retail and office building located along the very desirable South Lake Avenue Retail District. The red brick building, built in 1956, features a mixture of high visibility ground floor retail space and quality second-story office space on 0.99 acres. The sale included a large 27,802-square-foot gated parking lot located behind the building with 74 parking spaces. A majority of the parking spaces are exclusive for tenants and visitors of The Arbour Building.
“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.
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.