Kutzer Company snags Whole Foods, two acres in Pasadena

At 80K sf, it's the largest Whole Foods on the West Coast

TRD LOS ANGELES /
May.May 01, 2019 04:00 PM
Pete Kutzer and Kutzer's new Whole Foods (Credit: Linkedin)
Pete Kutzer and Kutzer’s new Whole Foods (Credit: Linkedin)

UPDATED, May 7, 8:50 a.m.: South Pasadena-based investment firm the Kutzer Company picked up a Whole Foods-leased retail property and two acres of neighboring real estate in an off-market deal.

The five parcels sold for $105 million, records show.

The transaction was part of a 1031 exchange for the seller, which property records identifies as the Beverly Hills-based Marc Ittah Trust. The property stretches along Route 66 from 577 South Arroyo Parkway north to the Whole Foods at the corner of Bellevue Drive. In all, the assemblage is about three acres.

Whole Foods has occupied the 80,000-square-foot retail space on the property since 2007. It’s the largest Whole Foods on the West Coast, according to broker David Ickovics, who represented Ittah trust in the deal. Ickovics is principal of Commercial Asset Group.

A restaurant and other low-rise retail spaces occupy the other parcels sold in the transaction.

Kutzer primarily owns properties in Pasadena, but also has one retail property in Orange County.

Seller Marc Ittah Trust has made two other deals this year, acquiring another supermarket property in Pacific Palisades and a Target-leased space in Santa Barbara. Together those deals totaled around $78 million.

While the Kutzer acquisition is one of the largest retail property sales in the area of late, Pasadena has seen a recent uptick in leasing deals for creative office space. Biometrics Firm Gemalto Cogent Inc. leased a new space in the city in March, while autonomous car company GM Cruise signed a lease for an outpost there in February.

Compass and co-working firm Spaces leased space at the Pasadena Playhouse office building, about 10 minutes from the Arroyo Parkway Whole Foods, in January.

Editor’s note: A previous version of this story did not include the sale price or the number of parcels.


Related Articles

arrow_forward_ios
La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

Blackstone affiliate nabs Home Depot-anchored retail center

Blackstone affiliate nabs Home Depot-anchored retail center

Rancho Plaza Vista sold for $11 million

Local dentist picks up Palmdale retail space for $11M

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

Petra Durnin, CBRE’s director of research for the Pacific southwest, and the Whole Foods grocery store that opened at the Vineyards at Porter Ranch (Credit: CBRE)

LA retail market in Q2 clawed back from an abysmal Q1, report shows

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

arrow_forward_ios