PASADENA, CA—Pasadena is experiencing an increased demand fornew development, according to MackUrban managing director John Gunn. Lastweek, GlobeSt.com reported that the company formed a joint venturewith Mill Creek Development Co. and equity partnerCigna Investment Management to build a mixed-use property in Pasadena'splayhouse district. The development has already broken ground andwill cost $50 million.

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“Demand in Pasadena is high and it's increasing,” Gunntells GlobeSt.com. “The Playhouse district has experienced renewedinterest and become much more popular recently with a lot moreactivity. The area has a high walkability factor with lots ofshopping nearby, access to the Metro, City Hall andrestaurants.”

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Located at the corner of Union Street and El Molino, thelocation is in an extremely walkable neighborhood, and one of theprimary reasons Mack Urban was attracted to the opportunity. “Thisis a prime location that is hard to duplicate. It's a uniqueproperty with strong upside potential and there are high barriersto entry in this area,” explains Gunn. Although this is one of fewdevelopments underway in the area, upscale retailand restaurants are setting roots in the area as well.

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The property is completely shovel ready. Before Mack Urbanjoined the project, Ken McCormick, owner of MillCreek Development, assembled and entitled the site prior to MackUrban coming on board. “We've had a long time relationship withhim,” says Gunn about their choice to partner him. As for Cigna, itwas an existing partner that shares Mack Urban's investmentvalues.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.