PASADENA, CA—An unnamed global investment firm has purchased The Commons, a historic 85,743-square-foot retail property in Pasadena, CA, from a joint venture between Arenda Capital Management and equity partner AEW Capital Management. The sales price is undisclosed, and was purchased in a widely marketed transaction.

The sale of the property generated high interest from local, national and foreign buyers, according to the Madison Partners brokerage team, which included Matt Case, Bob Safai and Brad Schlaak, who represented the sellers in the transaction. Arenda and AEW did a fantastic job renovating the property and bringing in a vibrant mix of retailers and restaurants," Case tells GlobeSt.com. "The Commons is one of the premier mixed-use assets in Pasadena that will only continue to flourish in the growing economy."

The joint venture purchased the property in 2011 for approximately $21 million in an off-market transaction, according to industry sources unrelated to the deal. At the time, the property was anchored by a Williams Sonoma and occupied by a Green Street Cafe, the Counter, Lemonade and Cafe 140. The joint venture carefully edited the tenant mix, bringing a Drybar, Soul Cycle, 18/8 and Seco New American to the property. The Williams Sonoma continues to serve as the property's anchor tenant, and Green Street Café and The Counter still to occupy space in the 75.3% leased retail property. The buyer plans to renovate the property to improve the cash flow as it plans to hold the property for the long term.

Located at 140-146 South Lake Avenue in Pasadena, CA, the property is in a high-traffic, highly affluent neighborhood. Surrounded by class-A retail and office space, properties in the market are highly sought-after by investors. For example, two mixed-use retail properties in the South Lake Avenue retail district of Pasadena traded hands for a total of $20.5 million in two separate transactions. The sale included the Retail@Pasadena Collection and the Arbour Building.