A landmarked building in Pasadena, currently home to a Walgreens, has sold for $23 million to a private investor based in Beverly Hills.
The seller was AEGON USA Realty Advisors, an Iowa-based investment manager.
Located at 310 S. Lake Avenue, the 39,300-square-foot, two-story building is leased to three retail tenants. Walgreens is leasing the first and second floor, translating to roughly 27,000 square feet, until 2027, while Premier Dental Care Group and Sit ‘n Sleep occupy the remaining space.
Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller, AEGON. John Repstad of Realty Advisory Group represented the buyer.
The deal, announced Monday, represents a cap rate of 4.9 percent.
Pasadena has been home to a number of investment deals in the last few months. In one of the most blockbuster transactions, Coretrust Capital paid around $260 million, or nearly $400 per square foot, for the four-building office campus named Corporate Center Pasadena. UBS Realty sold the property in May, reflecting the biggest deal that month.
Greenbridge Investment Partners, another Beverly Hills-based firm, also invested in Pasadena this summer. The firm paid Gentom Cockrum Partners $31 million to acquire a recently renovated building at 625 Fair Oaks Avenue in June.