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| Andrew Berk |
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."
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| 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.
949.278.6224
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