NAI Capital Negotiates Sale of Rare Downtown Pasadena Office Building
Los Angeles, CA February 22, 2018– Senior Vice President Robert Stover with NAI Capital’s Pasadena office negotiated the sale of a 3,902 square foot office building in Pasadena, CA. The transaction totaled $1,925,000 or $493.34 per square foot. Stover represented the seller, a private investor. The buyer was ASAP International Hotel LLC.
The office building is located at 81 N. Mentor Ave. It is a single story office building situated in the heart of downtown Pasadena, 1 block from Colorado Blvd. and Lake Ave. Built in 1952, the freestanding multitenant office building sits on a 6,507 square foot lot. It has a small parking lot in back, great street visibility and excellent transportation access minutes from the Lake Gold Line Station. In addition to local area amenities like restaurants, banking and retail stores the building is in a desirable Tri-Cities office submarket. The property was 100% vacant at the time of the sale. The new owner plans to occupy the entire building and hold it as a long term investment.
Stover said, “Small office buildings for sale are hard to find. Well located office buildings sell at a premium in this market. My client was exceptionally pleased with the sale.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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