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Hanley Investment Urban Retail Advisors
Carlos Lopez
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25 Press Releases | Real Estate |
Hanley Investment's Urban Retail Division Sells Trophy Retail/Office Project on Lake Avenue in Pasadena, Calif. for $21 Million |
Hanley Investment's Urban Retail Division Sells Trophy Retail/Office Project on Lake Avenue in Pasadena, Calif. for $21 Million |
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Hanley Investment Urban Retail Advisors represented Arenda Capital Management and AEW in the $21 million purchase of an 87,000 sq. ft. retail/office complex on S. Lake Avenue in Pasadena. The mixed-use property includes the historic Williams-Sonoma building, originally built in 1912, and is home to some of Pasadena's most popular restaurants including Green Street Cafe, Lemonade and Cafe 140. |
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\25 Press Releases\
November 17, 2011 - Hanley Investment (HI) Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, specializing in the sale and advisory of high profile mixed-use and urban retail properties in dynamic commercial districts across the United States, announced today that Carlos J. Lopez, President of HI Urban Retail Advisors represented Arenda Capital Management, a Los Angeles-based private real estate investment firm, and AEW, a Boston-based pension fund advisor, in the purchase of an 87,000-square-foot retail/office complex situated within the South Lake District of Pasadena, Calif. The purchase price was $21 million.
One of Pasadena's most recognizable commercial buildings, the retail/office property also known as The Commons, is located at 140-142 South Lake Avenue and 155 South Mentor in Pasadena, Calif. Situated on 1.97 acres, the property is anchored by the historic Williams-Sonoma building originally built in 1912 and is home to some of Pasadena's most popular restaurants including Green Street Cafe, Lemonade and Cafe 140. Other retail tenants include The Counter, The Pasadena Cheese Store, Carmody & Co. and the Wine Detective. The property was approximately 85% occupied at the time of sale.
"This transaction stands out as one of the few of its caliber in 2011 and in the past few years among trophy retail purchases in a major urban street district of southern California," said Carlos J. Lopez, President of HI Urban Retail Advisors.
Lopez adds, "We identified Arenda early on as an ideal buyer for The Commons given their extensive experience and that the company owns similar urban retail properties in the area. Additionally, they proved uniquely qualified and capable of purchasing an asset that required the assumption of an existing CMBS loan that not many traditional buyers could facilitate in today's market."
"There is so much to love about Pasadena - its rich culture, wonderful architecture and a strong sense of community - and The Commons epitomizes all of these," said Evan Meyer, Managing Principal of Arenda Capital Management. "We are thrilled at the opportunity to purchase an asset we've admired for so many years and look ...
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