Pasadena Office Building Sells For $33M: The Los Angeles Deal Sheet
The California State Compensation Insurance Fund purchased a 159K SF Class-A office building at 35 N. Lake Ave. in Pasadena.
JLL announced the sale and represented the seller, Swift Real Estate Partners. A sale price was not disclosed, but LA Business First reported it was about $33M, a $25M loss and a roughly 50% discount from the approximately $58M Swift paid for it in 2019.
The LEED Gold-certified building sits 10 miles northeast of downtown Los Angeles and blocks from the Metro A Line.
JLL Capital Markets’ Jeff Bramson, Andrew Harper, Will Poulsen, Jacob Molloy and Will O'Neil represented the seller. CBRE’s Brad Chelf, Ron Wade and Taylor Watson represented the buyer.
SALES
Faulkner Capital Partners purchased The Baxter, a newly constructed, mid-rise luxury apartment community located at 1818 N. Cherokee Ave. at the base of the Hollywood Hills.
Completed in 2024, the seven-story property holds 86 residential units totaling approximately 86K SF over two levels of underground parking. Colliers’ Kitty Wallace represented all parties in the transaction, including three undisclosed sellers and Faulkner Capital Partners. The property traded at a price exceeding $400 per SF, or more than $34.4M.
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Newmark arranged the $43M sale of Plaza Del Mar, a 120K SF Class-A office property at 12520 and 12526 High Bluff Drive in San Diego’s Del Mar Heights submarket. Plaza Del Mar features two three-story buildings built in 1987 and renovated in 2014. The property was 60% leased at the time of sale.
Newmark’s Brad Tecca and Rick Reeder represented buyer Bridgeway Real Estate Partners and seller Cruzan in the transaction, respectively.
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Progressive Real Estate Partners announced the $13.5M sale of The Shops at Walnut Hills Plaza, a fully leased, 37K SF multitenant retail center at 18718-18766 Amar Road in Walnut, to Portola Real Estate Partners.
Built in 1983, The Shops at Walnut Hills Plaza features 19 tenants, including restaurants and medical, beauty and daily needs operators.
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Progressive Real Estate Partners announced the $2.7M sale of Valley Plaza, a 12K SF retail center located at 2407 Valley Blvd. in Pomona, to a private investor.
Built in 1993, Valley Plaza features a diverse tenant mix, including restaurants and dental, laundromat, salon and tax services.
Progressive Real Estate Partners’ Trinnie Lee represented the seller, an unnamed private investor. The buyer was represented by Mark Wilson of Channel Investment Group.
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Progressive Real Estate Partners announced the roughly $3M sale of a 28K SF mixed-use building in Pomona to Western University of Health Sciences. The university will use the property at 150-196 E. Third St. and 345 S. Locust St. as an extension of its nearby campus, expanding its existing footprint in downtown Pomona.
Progressive Real Estate Partners’ Roxy Klein and Greg Bedell represented the seller, a Los Angeles-based private investor.
LEASES
Raven Capital signed a new 12K SF office lease at 100 Wilshire, a 21-story, 253K SF Class-A office building at 100 Wilshire Blvd. in Santa Monica. The firm is relocating from 7K SF at 1335 Fourth St. in Santa Monica. The new space will serve as the West Coast headquarters for Raven’s expanding team and investment platform.
FINANCING
Gantry secured a $40M permanent loan to retire maturing debt on two cross-collateralized industrial buildings in Vernon and Pacoima. Both buildings are 100% occupied with different single-tenant occupiers. The five-year, fixed-rate loan was secured from an insurance company lender and features full-term interest only.
The first property, at 5370 Boyle Ave. in Vernon, is a 203K SF industrial building occupied by Pods Moving & Storage. The second property, at 10445 Glenoaks Blvd. in Pacoima, is a 95K SF building used as a soundstage facility as part of the Quixote studios campus. Both assets are well positioned to serve as last-mile logistics facilities, according to a release from Gantry.
Gantry’s George Mitsanas, Bahman Mirhashemi and Keegan Bridges represented the borrower, a privately held real estate joint venture managed by Xebec.
THIS AND THAT
Crenshaw Lofts, a new 195-unit mixed-use apartment project at the intersection of Crenshaw Boulevard and 48th Street in Leimert Park, has opened and begun move-ins.
Developed by SoLa Impact, the project was funded through a combination of Opportunity Zone equity, a $29M New Markets Tax Credit allocation, Property Assessed Clean Energy financing and conventional bank debt. The complex in Crenshaw is adjacent to Sankofa Park and Destination Crenshaw and the Metro K light rail line.
