Announcing $52 Million Sale of Tiffany’s and Boutiques in Old Pasadena – Pasadena Now

Tiffany and Shops, a 28,421 square foot Tiffany & Co., Crate & Barrel and House of Hoops (Foot Locker) commercial property was sold to a joint venture of Los Angeles-based Blatteis & Schnur and Hayward, The Felson Companies, based in California, for $52,250,000.

The properties are located in Old Pasadena near Colorado Boulevard and De Lacey Avenue, where traffic exceeds 29,250 vehicles per day and access to public and private parking lots abounds.

The sale was announced Monday by global real estate services firm CBRE, which said the sale price of $1,838 per square foot is a record for Colorado Blvd. and the city of Pasadena.

“It’s rare that such an iconic location with world-class rental is available,” said Jimmy Slusher of CBRE’s National Retail Partners – West. “CBRE has generated strong interest largely due to the renewal of the long-term lease with Tiffany & Co. and the relocation of Crate & Barrel to the site, both confirming the corner of Colorado and De Lacy as a sales location 100% retail along the famous retail corridor. ”

“Fully in line with our long-term national strategy for high streets, we are delighted with this high-end corner acquisition, representing 100% real estate anchored in a prestigious international rental,” added Scott Gordon of Blatteis and Schnur. .

With corporate leases at Tiffany & Co., Crate & Barrel and Foot Locker, the property acts as a flagship location for the respective brands in Old Town Pasadena, an area internationally known for the annual Tournament of Roses Parade. New Year (attracting +1 million visitors), the Rose Bowl (+90,000 seats) and the Norton Simon Museum to name but a few.

Jimmy Slusher, Philip D. Voorhees and Trent Steeves of National Retail Partners – West of CBRE represented the seller, a partnership managed by Los Angeles-based Rockwood Capital, in the transaction. Slusher, Voorhees and Steeves also represented the buyer.

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