The Real Deal Los Angeles

Fairway Properties is shopping Pasadena complex for up to $29M

The 34,000-sf complex is marketed as perfect for a retail conversion

August 05, 2016 01:00PM

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114 West Union Street

114 West Union Street (credit: CoStar)

Austin-based Fairway Properties is shopping its 34,000-square-foot office complex in Pasadena.

The five contiguous buildings at 114-140 West Union Street are expected to fetch bids of up to $29 million, REAlert reported. The space is fully leased to tech incubator IdeaLab until 2019. HFF has the listing.

The lease would produce an annual net income of $1 million while the buyer could plan for a conversion, according to marketing materials.

The property sits on a 0.8-acre of land in a pedestrian-friendly area of downtown Pasadena. It traded hands for $13.5 million in 2014, according to CoStar.

Next door, Lincoln Property is building a mixed-use campus of 475 luxury residential units, 620,000 square feet of office space and 40,000 square feet of retail.

DivcoWest Real Estate Investments and Edgewood Realty Partners recently made a major return on their Pasadena office building at at 465 North Halstead Street, which sold for just under $67 million to EverWest Real Estate Partners.

Class A high rise properties in Pasadena average $3.14 a square foot a month, CBRE’s Kevin Duffy told The Real Deal in June. Higher-end buildings in the city’s central business district could charge up to $3.50. [REAlert] — Cathaleen Chen