Mixed-Use Retail Properties Trade Hands

PASADENA, CA—Two mixed-use retail properties in the South Lake Avenue retail district of Pasadena have traded hands for a total of $20.5 million.

San Diego-based Paragon Real Estate Fund purchased the 20,435-square-foot, ground floor space at Retail @ Pasadena Collection for $10.8 million, the larger of the two transactions. “This is a trophy location with excellent demographics. The intersection of South Lake Avenue and Cordova Street is in the heart of the South Lake Avenue retail and office district, which has extremely low vacancy,” says Carlos J. Lopez, Hanley Investment Urban Retail Advisors president, who represented the buyer and seller, a private investor, in this transaction along with his Hanley Investment Urban Retail Advisors colleague senior associate Lee T. Csenar.