Friday, June 9, 2017

Avison Young brokers $2.28-million sale of historic retail building in South Pasadena, CA

Andrew Berk
Los Angeles, CA - Avison Young, the world's fastest-growing commercial real estate services firm, announced today that it has brokered the sale of a 6,000-square-foot (sf) historic retail building in South Pasadena, CA.

 Located at 1509 Mission Street, the property is fully leased to South Pasadena Music Center & Conservatory. The building was originally built in 1917 for use as a hardware store and was most recently renovated in 2008. The purchase price was just under $2.28-million.

Avison Young's Andrew Berk, a Vice-President based in the company's North Los Angeles office, represented local seller Pasadena-based Little Acorn Properties, as well as the buyer, a South Pasadena-based private investor.

"This was an ideal situation for both buyer and seller," comments Berk. "The local buyer recognized the value of the irreplaceable and historical asset that was entirely retrofitted and impeccably renovated by Little Acorn Properties. The seller was able to free up capital to focus on other redevelopment projects in the area."

1509 Mission Street, South Pasadena, CA

Berk adds: "As the City of South Pasadena develops both a new General Plan and Mission Street Specific Plan, this property is situated in an exceptional and highly sought after location. Additionally, the building is a critical and historic piece of South Pasadena's creative spirit."

The 1509 Mission Street building features a 20-foot ceiling, hardwood floors, exposed wood trusses, brick walls, steel beams and a built out basement. The tenant uses the space to instruct  its 240 music students and includes 11 teaching studios, a drum studio and performance and rehearsal hall space.

South Pasadena's new General and Specific Plans are being created to help guide an even more dynamic, walkable and amenity rich neighborhood that has become a new Gold Line station destination community.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.

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