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The Real Deal Los Angeles

Here’s what LA’s $10M-$30M investment sales market looked like last week

Pasadena retail strip passes to Federal Realty Investment Trust; mid-sized apartments trade hands
By Eda Kouch and Cathaleen Chen | February 10, 2017 04:00PM

609 Prospect Avenue and 3801 East Foothill Boulevard

In the world of mid-market L.A. investment sales last week, Maryland-based Federal Realty Investment Trust acquired a 15-acre retail plaza in Pasadena and several apartment buildings traded hands.

1. A 30-unit apartment complex in South Pasadena traded hands between two private entities this week for $10.6 million, or $352,500 per unit. The Jolyn Apartments at 609 Prospect Avenue, built in 1961, span 27,203 square feet. The buyer is Kevin Tyson, a local doctor, and the seller was the Groseth Family Trust. The listing agent was Kristopher German of RE/MAX. Marcus & Millichap’s Barry Gordon and Justin Forman represented the buyer.

2. Over in Redondo Beach, another family trust — the Medard Cronin Living Trust — picked up a 40-unit apartment complex from local landlord Marcia Whistler for $14.6 million, or $365,000 per unit. The Manhattan Beach Apartments at 1910 Manhattan Beach Boulevard sits on a half-acre site. The three-story building was built in 1940. It previously sold for $11.5 million in October 2015, according to RCA.

3. In the city of L.A.’s Westlake neighborhood, the Numero Uno Market sold for $17.9 million to a private investor under the entity Burlington Capital LLC. The sale was confirmed by Burlington Capital’s lawyer, Hamid Joseph Nourmand. The seller, property records show, is another LLC repped by Ben Bequer. The 23,000-square-foot retail structure, built in 1970, sits on a nearly three-acre site at 1831 West 3rd Street. It is fully occupied.

4. Moving northward, the Hastings Ranch retail plaza in Pasadena recently sold for $29.5 million to the Rockville, Maryland-based Federal Realty Investment Trust, CoStar shows. The seller was an LLC connected to the address of the CVS headquarters. Tenants of the retail center at 3801 East Foothill Boulevard include CVS, Sears, Marshalls and a Panda Express, according to marketing materials. The 273,844-square-foot center sits on nearly 15 acres of land.