Pasadena Mall negotiates loan sale for $103 million following default – Trade Observer
Onni Group acquired a struggling outdoor shopping center in Southern California for $103 million after taking possession of the delinquent loan on the property, Commercial Observer has learned.
Developer bought The Paseo in Pasadena, California, via a deed in lieu, having concurrently acquired the defaulted debt of the property of Granite Point Mortgage Trust.
The mall, which was built by The Hahn Company in 1980, lost its two anchor tenants in 2013 when Macy’s and Gelson Markets firm. Today, the property’s major tenants include H&M, Tommy Bahamas, Equinox, DSW and western elm with the restaurants PF Chang’s, tokyo wako and court house.
The property houses a new Hyatt Square Hotel located where the Macy’s used to be.
Newmark represented Granite Point in arranging the transaction, with a team led by Dustin Stolly and Jordan Roschlaub next to Nick Scribani, Christopher Kramer and Daniel Morin. Bill BaumannVice President of Newmark’s Retail Capital Markets team, also represented Granite Point in the case.
Located at 280 Colorado Boulevard EastThe Paseo is located on a 10.9 acre site in downtown Pasadena.
Onni Group and Granite Point officials did not immediately return requests for comment. Newmark did not immediately respond to a request for comment.
Andrew Coen can be reached at [email protected].