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
The retail development known as The Source was completed in 2016 (The Source)
M+D Properties looks to offload 600K sf mixed-use complex
M+D Properties looks to offload 600K sf mixed-use complex
Redcar Properties CEO Jim Jacobsen with Dynasty Center (Google Maps, Industry Partners)
Redcar buys Dynasty shopping center in Chinatown
Redcar buys Dynasty shopping center in Chinatown
Sandstone Properties CEO Eri Kroh with a rendering of the project (Sandstone, The Jeff Hotel)
Culver City approves `The Jeff,’ Sandstone Properties’ 175-unit hotel
Culver City approves `The Jeff,’ Sandstone Properties’ 175-unit hotel
Apple delays return to office by a month
Apple delays return to office by a month
Apple delays return to office by a month
Stos Partners Principal CJ Stos and 159 N San Antonio Avenue 
Stos Partners pays $22M for Pomona warehouse
Stos Partners pays $22M for Pomona warehouse
GM CEO Mary Barra with the Pasadena campus (Getty, CBRE)
General Motors to make Pasadena campus its new design and technology center
General Motors to make Pasadena campus its new design and technology center
Developer plans 123-unit SRO in Pasadena
Developer plans 123-unit SRO in Pasadena
Developer plans 123-unit SRO in Pasadena
The assistance is available to theaters with fewer than 99 seats (Getty)
California lawmakers set aside $50M in massive state budget to aid small theaters
California lawmakers set aside $50M in massive state budget to aid small theaters
arrow_forward_ios

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

Loading...