Price of retail deal on Pasadena’s Colorado Boulevard nears pre-pandemic mark
Rockwood Capital gets $1,840 psf in sale to Blatteis and Schnur, Felson Companies
Rockwood Capital has sold a trio of retail stores in Pasadena for about $1 million more than the firm bought them for in 2014.
The San Francisco-based investment firm sold the 28,421-square-foot retail block at 64 Colorado Boulevard for $52.3 million, or $1,840 per square foot, according to a Monday announcement from CBRE, which brokered the deal. A joint venture between Sawtelle-based developer Blatteis and Schnur and The Felson Companies bought the stores.
The new owners scored a $30 million loan from First Republic Bank in connection with their purchase, according to public property records filed with Los Angeles County.
Even with three leases on the properties, Rockwood Capital couldn’t bag a buyer on its original asking price of $55 million. The storefronts are leased to Crate and Barrel, Tiffany’s and Foot Locker.
Together, the stores had a net operating income of $2.89 million per year, as of December, according to a previous listing on LoopNet for the property. Tiffany’s also recently extended its lease on the store for another 10 years.
At more than $1,800 per square foot, the deal is one of the pricier retail deals to trade outside of prime retail areas such as West Hollywood and Beverly Hills, where stores and restaurants often sell for up to $3,000 a foot. However, it doesn’t quite meet some of the pre-pandemic prices along Colorado Boulevard. In 2016, Blackstone bought a 66,000-square-foot property across the street for $1,935 per square foot.
Blatteis and Schnur, run by Dan Blatteis and Robert Schnur, also own The Exchange Block at 13 East Colorado Boulevard and various other retail properties in Santa Monica, Venice, Hollywood and Century City. In Santa Monica, the firm bought a property at 1415 Third Street Promenade for $26 million before leasing it to Apple and flipping it for more than double.