The Pasadena building stands at 301 S. Fair Oaks Ave. It was acquired by Al Dickens, an individual investor who lives in the LA-area.
Dickens was represented by Tony Capalto of Whitehouse Properties, a boutique brokerage headquartered in Los Angeles. The seller, a California private partnership known as South Fair Oaks LLC, was represented by Mary Ricks and Clifford Smith of Beverly Hills-based Kennedy-Wilson International Inc.
Few high-priced properties in the LA area have sold in recent weeks, largely because big institutional investors are re-evaluating their overall portfolio strategies in the wake of Wall Street's recent turbulence and fears that California's energy crisis may put an end to the state's long run-up in real estate values. But several deals in the $5-million-to-$15 million-range have recently been announced by individual investors and small partnerships that have the time to focus on the prospects of an individual property instead of worrying how such an acquisition would effect a giant investment portfolio.
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