East Pasadena Shopping Plaza sold for $ 29.5 million – Pasadena Now
Hastings Ranch Plaza, a 274,000 square foot shopping center located at 3801 E. Foothill Blvd. in East Pasadena, was acquired by the Federal Realty Investment Trust, based in Rockville, Md., for a price of $ 29.5 million, according to a report by the Commercial Property Executive.
The property is on the northwest corner of Foothill Blvd. and Michillinda Avenue. The building was constructed in 1982 and has recently undergone renovations, receiving a new facade with a new stone design, archway, contemporary color scheme, landscaping, lighting and site amenities.
CPE said the asset was fully leased, with tenants including Sears, Marshalls, HomeGoods and CVS, at the time of the sale.
The new owner anticipates an increase in value over time through a potential redevelopment or re-letting of the currently leased space at below market rents.
“We are very excited to expand our portfolio and presence of Southern California shopping centers with the acquisition of Hastings Ranch and look forward to taking ownership to the next level as rentals and, eventually, redevelopment opportunities present themselves in the medium term, ”Jeff Berkes, president of Federal Realty, West Coast, told CPE. “Hastings Ranch enjoys an exceptional location in a large community with very strong nearby public and interstate transportation infrastructure.”
Hastings Ranch Plaza is within walking distance of the Sierra Madre Gold Line station and close to Interstate 210, with average traffic of about 240,000 vehicles per day.
Federal Realty also owns properties on Colorado Blvd. in Pasadena, including the Tanner Market and the historic Colfair building. Tanner Market tenants include Banana Republic and Villa Sorriso Restaurant, as well as office tenants. Tenants in the Colfair building include Pottery Barn on the ground floor and residential and office tenants on the remaining four floors.