Kutzer Company snags Whole Foods, two acres in Pasadena

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

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
(Google Maps)

Here’s what tenants are paying at Torrance Towne Center mall

Here’s what tenants are paying at Torrance Towne Center mall
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)

Contractors pull out as Oceanwide Center sale falls through again

Contractors pull out as Oceanwide Center sale falls through again
19330 Hawthorne Boulevard (Google Maps, iStock)

Charing Cross buys Wal-Mart anchored Torrance shopping center

Charing Cross buys Wal-Mart anchored Torrance shopping center
Grove owner Rick Caruso and Craig Realty’s Steven Craig with the Citadel Outlets and The Grove (Getty, Google Maps)

LA County cited 150 businesses for Covid violations since Black Friday, including 6 malls

LA County cited 150 businesses for Covid violations since Black Friday, including 6 malls
Clockwise from top left: 457-459 N. Rodeo Drive, Beverly Hills; 7500-7516 W. Sunset Boulevard, Hollywood; 6100 Canoga Avenue, Warner Center; and Long Beach Marketplace, Long Beach (Google Maps)

Here are LA County’s biggest retail deals of 2020

Here are LA County’s biggest retail deals of 2020
Gov. Gavin Newsom extended stay-at-home orders across most of the state, maintaining A ban on outdoor dining and strict limits on in-store capacity. (Getty)

Stay-at-home order extended as retailers struggle to stay afloat

Stay-at-home order extended as retailers struggle to stay afloat
Gov. Gavin Newsom’s executive order to stem the spread of Covid-19 has effectively shuttered outdoor dining for nearly all restaurants in California (Getty, Google Maps)

LA restaurant owner sues Newsom to stop statewide outdoor dining ban

LA restaurant owner sues Newsom to stop statewide outdoor dining ban
(Getty)

Latest blow to businesses: Covid restrictions likely to extend through holiday season

Latest blow to businesses: Covid restrictions likely to extend through holiday season
arrow_forward_ios

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

Loading...