A New York-based investor has put a block of retail stores on Colorado Boulevard in Pasadena up for sale at an asking price that represents an increase of less than 10 percent on what it paid for the property in 2014.
Rockwood Capital wants $55 million for 28,400 square feet at 64 West Colorado Boulevard according to a listing on LoopNet. The firm did not respond to a request for comment.
The property is full leases–Crate and Barrel occupies a 12,800-square-foot store, while Tiffany’s leases 5,600 square feet and Foot Locker is in the remaining space. Tiffany recently signed a 10-year renewal at the property, according to the listing.
The properties have a net operating income of $2.89 million per year, though specific lease terms were not disclosed.
Rockwood bought the retail complex for $51.2 million in 2014 from Irish investor Aidan Brooks, who owned a retail building and two retail condos in Manhattan, before selling them for $82.5 million in 2018.
The pandemic battered the retail industry in Pasadena and elsewhere in Southern California and beyond. Restrictions imposed in Los Angeles County forced shops to close for months.
This year’s holiday season looks set to grant retailers a reprieve, with brick-and-mortar retail sales expected to rise by 8 percent this year compared to last, according to CBRE.
Still, retail investors have had a tough time selling properties across Los Angeles. In August, developers Mark and Arman Gabay listed a three-parcel site in Beverly Hills for $52 million — the property is still on the market.