The Pasadena home of Whole Foods is on the market for a price that fits the high-end grocer: $75.7 million, or nearly $1,000 per square foot.
The seller, Arroyo Parkway, a limited liability company connected to the Kutzer Company, purchased the 77,000 square foot property six years ago for $105 million from a private family trust; it was part of a five-parcel, off-market deal. Before that, the property traded hands for $43.3 million in 2009, assessor records show.
Newmark’s Kyle Miller and Bill Bauman hold the listing, which lists Whole Foods as committed to its current lease for another 10 years in the “a dense, affluent market,” where the typical household income is six-figures. The Class A grocery store, which takes up more than an acre, has a reported $3.8 million net operating income, according to the listing, which comes to 5 percent capitalization rate. Whole Foods has operated at the property at 465 S. Arroyo Parkway for almost two decades, since it was built.
Miller, Bauman and the Kutzer Company did not immediately respond to a request for comment.
The Los Angeles retail sector has a 6.2 percent availability rate, according to a recent CBRE report; the San Gabriel Valley, where Pasadena sits. has an even lower availability rate at 5.4 percent. In all of Los Angeles, total retail investment sales in the second quarter amounted to $540 million.
The priciest sale was the River Oaks shopping center in Santa Clarita for $107.5 million; the second was the Hollywood Galaxy and Peterson Building at $69 million. Pasadena nabbed two spots lower down: one for Pasadena Plaza, which sold for $42 million to TRC Retail, and the other for the Pasadena Playhouse & Lofts, which sold for $9.5 million, according to the market report.
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