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Onni Group Buys Another Distressed SoCal Mall For $103M

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Onni Group is now the owner of Pasadena's The Paseo, paying $103M for the shopping center, Commercial Observer reported. 

Dallas-based retail investor Netstreit, the mall's previous owner, defaulted on a loan linked to the property earlier this year, The Real Deal reported. Netstreit owed $118M on the loan as of Sept. 30.

Netstreit, formerly called Cypress Equities, paid $135M in 2016 for the 457K SF outdoor retail center, making Onni's purchase price a 24% discount.

The Paseo lost its anchor tenants, an upscale Gelson's supermarket and a Macy's, prior to the sale. The mall also contained an ArcLight Cinemas location that closed due to the pandemic and won't reopen. Tenants now include H&M, West Elm and Yardhouse. The property also contains a Hyatt Place hotel where Macy's used to be. 

This isn't the first local outdoor mall that Onni has purchased in the last year. Last November, Onni bought the Burbank Town Center for $136M from Barings

Related Topics: Onni Group, Pasadena, Netstreit