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

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

TRD LOS ANGELES /
Aug.August 05, 2016 01:00 PM

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


Related Articles

arrow_forward_ios
From left: Brian Hecktman, founder and CEO of Graymark Capital and Lone Star Funds founder John P. Grayken with the building

Graymark Capital buys big Pasadena office complex in R&D hub

Justin Stewart, president and co-founder of Industrious

Co-working firm Industrious grows its reach to Pasadena

A rednering of the project and EF CEO Edward Hult (Credit: The City of Pasadena)

Private boarding school approved for Gensler-designed student housing complex in Pasadena

Regency Park Senior Living President Emil Fish

Senior living developer proposes new Pasadena complex

James Li and 141 South Lake Avenue (Credit: Google Maps)

Pasadena portfolio: Developer plans 3rd resi complex in the city

650 South Raymond Avenue (Credit: Google Maps)

The doctor is in: Medical office complex planned near Pasadena’s Huntington Hospital

Pete Kutzer and Kutzer's new Whole Foods (Credit: Linkedin)

Kutzer Company snags Whole Foods, two acres in Pasadena

EF CEO Edward Hult with William Carey campus

Faith-based university closes on sale of its Pasadena campus

arrow_forward_ios