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
The Pasadena home (Credit: Douglas Elliman of CA, Inc.)

Pasadena’s Chandler Estate in contract

Pasadena’s Chandler Estate in contract
250 N. Halsted Street and 3475 East Foothill Boulevard

Panda Express family buys Pasadena corporate park for $78M

Panda Express family buys Pasadena corporate park for $78M
199 South Robles Avenue in Pasadena (Credit: Google Maps)

Beverly Hills investors fork over $55M for Pasadena office building

Beverly Hills investors fork over $55M for Pasadena office building
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

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

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

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

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

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

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...