The restored Old Town Pasadena district has been one of the mostsuccessful undertakings of its kind in Southern California, andSafai points out that the properties that traded feature arestaurant row including Café Bizou, Xiomara, Shaab and the ChadoTea Room. Safai, who represented both the buyer and the seller inthe sale, also represented the buyer in the placement of floatingrate debt provided by Capmark.


The 58,947-sf Old Pasadena Plaza I combines office and retail onabout 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, historicelements: constructed in 1909, 75-85 Raymond Ave. consists of atwo-story, 9,646-sf mixed-use brick building. Constructed in 1914,87-91 Raymond Ave. consists of a nine-story, 44,127-sf mixed-usepoured-in-place concrete building. Constructed in 1895, 95 RaymondAve. and 54-56 E. Holly St. are two- and three-story, 5,174-sfmixed-use brick buildings.


Old Pasadena Plaza II is a 13,868-sf property that combinesoffice and retail on a parcel at 61 N. Raymond Ave. that isapproximately the same size as the Old Pasadena I site. OldPasadena Plaza II was constructed in 1896 and was fully seismicallyretrofitted in the early 1990s. The historic property is areinforced three-story brick building with 41,609 rentable sf andbasement storage areas.


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

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