PASADENA, CA—An unnamed global investment firm has purchasedThe Commons, a historic 85,743-square-footretail property in Pasadena, CA, from a jointventure between Arenda Capital Management andequity partner AEW Capital Management. The salesprice is undisclosed, and was purchased in a widely marketedtransaction.

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The sale of the property generated high interest from local,national and foreign buyers, according to the MadisonPartners brokerage team, which included MattCase, Bob Safai and BradSchlaak, who represented the sellers in the transaction.Arenda and AEW did a fantastic job renovating the property andbringing in a vibrant mix of retailers and restaurants," Case tellsGlobeSt.com. "The Commons is one of the premier mixed-use assets inPasadena that will only continue to flourish in the growingeconomy."

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The joint venture purchased the property in 2011 forapproximately $21 million in an off-market transaction, accordingto industry sources unrelated to the deal. At the time, theproperty was anchored by a Williams Sonoma andoccupied by a Green Street Cafe, theCounter, Lemonade and Cafe140. The joint venture carefully edited the tenant mix,bringing a Drybar, Soul Cycle,18/8 and Seco New American to theproperty. The Williams Sonoma continues to serve as the property'sanchor tenant, and Green Street Café and The Counter still tooccupy space in the 75.3% leased retail property. The buyer plansto renovate the property to improve the cash flow as it plans tohold the property for the long term.

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Located at 140-146 South Lake Avenue in Pasadena, CA, theproperty is in a high-traffic, highly affluent neighborhood.Surrounded by class-A retail and office space, properties in themarket are highly sought-after by investors. For example, twomixed-use retail properties in the South Lake Avenue retaildistrict of Pasadena traded hands for a total of $20.5 million in twoseparate transactions. The sale included theRetail@Pasadena Collection and the ArbourBuilding.

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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.