Shops on Hill sold for $18 million – Pasadena now
Two mixed-use properties on Hill Avenue and Washington Boulevard sold to a private company for $18 million.
The Shops on Hill comprises two buildings on opposite corners of the intersection of East Washington Boulevard and North Hill Avenue that total 34,202 square feet of commercial and residential space on over 1.4 acres of land.
“This is a one-of-a-kind property,” said David Walker, president of Engine Real Estate. “It’s a real neighborhood attraction. Not only are there apartments, but the commercial component is really key to the nearby community. And it really serves that purpose, be it restaurants, Pilates studio, gyms, etc. And that makes it kind of a little destination center in the middle of a part of Pasadena that’s not the traditional part that people think of.
Dana Brody of Marcus & Millichap represented Walker in the sale.
The largest northern property consists of 1383-1399 East Washington Boulevard, 1366 East Washington Boulevard, and 1349-1365 North Hill Avenue. This property is a corner property at the intersection of East Washington Boulevard. and North Hill Avenue. The North property includes 50 surface parking spaces and is a 24,691 square foot two-story structure. There are 14 commercial tenants on the ground floor and a second floor of 12 residential apartments.
The total land area is 37,805 square feet.
The south property is located at 1384-1400 E. Washington Blvd. at the corner of E. Washington Blvd. and N. Hill Ave. This one-story multi-tenant commercial structure measures 9,511 square feet with four commercial tenants, located on a 13,173 square foot lot.
A 32-space parking lot is adjacent to the north property structure, which is included in the sale and has its own address known as 1366 E. Washington Boulevard, totaling an additional 10,866 square feet.
“I had owned it for a long time and was a bit remorseful about selling it because I really liked the property and all the tenants,” Walker said. “But it was time for me, given my investment horizon. Now was the time for the next person to step in and match their return requirements to their investments. »