Developers Diversified said in a Securities and Exchange Commission filing that it had "entered into an agreement to acquire a 25% interest in Paseo Colorado" for $28.4 million. The filing did not name the other buyers of the shopping center, and neither Trizec nor Diversified would comment further on the deal. Spokespersons for the companies, however, said the deal is expected to close soon.
Paseo Colorado replaced the former Plaza Pasadena with an open-air shopping area on three blocks of Colorado Boulevard between Marengo and Los Robles avenues. It combines retail shops, restaurants and cafes, a gourmet market, a health club, and a multi-screen cinema.Developers Diversified Realty is a real estate investment trust that develops owns and manages shopping centers nationwide. The company owns and manages more than 315 retail properties in 43 states totaling approximately 60 million sf.
Trizec Properties Inc. is a REIT that owns and manages a portfolio of 72 office properties totaling approximately 49 million sf that is concentrated in the central business districts of seven major U.S. cities. Paseo Colorado is one of its three retail and entertainment properties.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
