PASADENA, CA—An unnamed national investment and development group has purchased a Wells Fargo-anchored office building in Pasadena from Zurich Alternative Asset Management for an undisclosed price. Wells Fargo occupies 70% of the 84,000-square-foot property, which is located at 350 W. Colorado Blvd. in Pasadena.
“We had 13 offers on the property, and it was a very competitive process. I think we sold it at a great time in the marketplace,” Bob Safai, a broker at Madison Partners tells GlobeSt.com. “We had investors like pension funds, high net-worth, exchange buyers. We had one international buyer, so it really ran the gamut. The buyer was looking for an asset in Pasadena, and they loved this property.” Safai represented the seller in the transaction along with his Madison Partners colleagues Matt Case and Brad Schlaak.
The buyer was attracted the property because of its location. It was looking to augment its portfolio in the area, and this property is located in Old Towne Pasadena at the beginning of the Parade of Roses route, with close proximity to executive housing. The property itself features high-end common areas and tenant finishes as well as balconies on floors two through five with mountain and city views. The property is 96% occupied with a tenant roster that includes Holthouse, Carlin & Van Trigt.
“This really shows how active the market is and how many investors are really looking at the tri-cities market,” says Safai. The great location is driving investors to pluck properties in Pasadena across property sectors. Earlier this year, Carey Watermark Investments, a company devoted to assets in strong class-A locations, purchased the Westin Pasadena for $142.5 million. The 350-room hotel is located in Downtown Pasadena, with close proximity to the Rose Bowl. At the time of the sale, the buyer told GlobeSt.com that it bought the property for its location, which has an emerging group market and 7 million square feet of office space.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Kelsi Maree Borland
