The restored Old Town Pasadena district has been one of the most successful undertakings of its kind in Southern California, and Safai points out that the properties that traded feature a restaurant row including Café Bizou, Xiomara, Shaab and the Chado Tea Room. Safai, who represented both the buyer and the seller in the sale, also represented the buyer in the placement of floating rate debt provided by Capmark.

The 58,947-sf Old Pasadena Plaza I combines office and retail on about three-tenths of an acre of land at 75-85 N. Raymond Ave., 87-91 N. Raymond Ave., 95 N. Raymond Ave. and 54-56 E. Holly St. Old Pasadena Plaza I is composed of three restored, historic elements: constructed in 1909, 75-85 Raymond Ave. consists of a two-story, 9,646-sf mixed-use brick building. Constructed in 1914, 87-91 Raymond Ave. consists of a nine-story, 44,127-sf mixed-use poured-in-place concrete building. Constructed in 1895, 95 Raymond Ave. and 54-56 E. Holly St. are two- and three-story, 5,174-sf mixed-use brick buildings.

Old Pasadena Plaza II is a 13,868-sf property that combines office and retail on a parcel at 61 N. Raymond Ave. that is approximately the same size as the Old Pasadena I site. Old Pasadena Plaza II was constructed in 1896 and was fully seismically retrofitted in the early 1990s. The historic property is a reinforced three-story brick building with 41,609 rentable sf and basement storage areas.

"The continuing value of these historic urban properties in Old Town Pasadena--one of the premium locations in Southern California--is unrivaled," Safai says. He points out that the area, dating back to the 1870s, is a magnet for shoppers, tourists and residents, and attracts high-quality office and retail tenants.