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Marcus & Millichap Completes Two-Property Mixed-Use Portfolio Sale in Pasadena

January 05, 2022

PASADENA, Calif., Jan. 4, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Shops On Hill, a two-building residential and retail portfolio in Pasadena, California. The properties sold for a total of $18 million.

“The influx of companies into the Pasadena submarket is stimulating the employment market and increasing consumer demand, which in turn is driving growth for local boutique retailers,” said Dana Brody, senior vice president investments in Marcus & Millichap’s Encino office. “Our broad-based marketing campaign generated multiple cash offers and we closed the sale within 3% of the asking price.” Brody and Floyd Shaheen, first vice president investments, represented the seller, Engine Real Estate. The buyer was represented by Elan Kermani of CityStreet Commercial. “As part of our marketing process, we created a compelling narrative to illustrate how Shops On Hill has elevated the local boutique shopping and dining experience,” added Shaheen.

The properties are located in Pasadena’s Bungalow Heaven neighborhood, blocks from Interstate 210 and a short drive from a Los Angeles Metro Gold Line station. The two buildings are situated across Washington Boulevard from each other, one on the north side and one on the south side. The north side property is a 24,691-square-foot, two-story structure with 50 surface parking lot spaces built in 1922. There are 14 ground-level retail tenants and 12 residential apartments on the second floor. A 32-space, 0.25-acre parking lot is adjacent. The building on the south side of the street is a 9,511-square-foot, one-story multi-tenant commercial structure with four retail tenants built in 1925. The portfolio’s tenants include Lark Cake Shop, Vanity Studio, One Life Yoga, Lavender & Honey, and Millie’s Restaurant and Café.

 

 

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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