Federal Realty Investment Trust has sold a 30,955-square-foot mixed-use building in Pasadena, Calif., to a private investor, for $16.1 million. Public records show the new owner received $9.6 million in acquisition financing from Western Alliance Bank.
Located at the corner of Colorado Boulevard and Fair Oaks Avenue just south of Interstate 210, the five-story building is within walking distance of public transit and several parks. Completed in 1905 and renovated in 1997, the property is leased to Pottery Barn on the first three levels and also features two floors of residential units and one floor of office space. Pottery Barn, which has occupied the space for the past 20 years, has signed a lease extension, according to Hanley Investment Group Executive Vice President Carlos Lopez.
Lopez and Vice President Lee Csenar closed the deal on behalf of the seller. Senior Managing Directors Rob Ippolito and Glenn Rudy, together with Vice Chairman Pete Bethea of Newmark Knight Frank Capital Markets, represented the buyer. Recently, Federal Realty Investment Trust spent more than $200 million for one of the largest single sales of mixed-use properties along the New Jersey waterfront.