PASADENA, CA—The Swig Co. has acquired an historic 1922 office property from Karlin Real Estate for $26.1 million, or $360 per square foot. Located at 443 S. Raymond Ave. in Pasadena, the 72,500-square-foot creative campus has three buildings, and is fully occupied by Disney Store‘s western regional headquarters.
“The seller bought the property in 2010, and is now repatriating capital. The buyer is buying one of the nicest creative office buildings in the whole east valley, and it has Disney credit. This is really a win-win transaction for both parties,” Bob Safai of Madison Partners tells GlobeSt.com. Safai represented the seller in the transaction along with his Madison Partners colleague, Matt Case.
The pristine office property originally served as an industrial plant for Royal Laundry Co. The property was renovated in 2005 into a creative office campus with wood truss and saw-tooth roof systems, a central courtyard and a 225-stall parking structure. “This sale shows you how hot the market is, and how much institutional capital is segueing into the belief that creative office is here to stay,” says Safai.
Pasadena is becoming home to some highly sought-after creative office spaces. Rising Realty Partners and tech entrepreneur David Sachs purchased the Pasadena Plaza in December 2013 to convert into creative office space, and in June of this year, the partnership signed a lease with Cross Campus, a collaborative office environment, for three floors and 16,000 square feet.