Onni Group Acquires Distressed Pasadena Shopping Center

Onni Group has purchased The Paseo, a distressed Pasadena outdoor shopping center for $103 million. The firm bought the property, via a deed-in-lieu, after simultaneously acquiring the property’s defaulted debt from Granite Point Mortgage Trust.

The Paseo, located on E. Colorado Boulevard, currently has several recognizable tenants including H&M, Tommy Bahama, P.F. Chang’s and Yard House, but lost both its anchor tenants in 2013 when Macy’s and Gelson’s Markets shut down. The Macy’s property has been reimagined as a brand-new Hyatt Place Hotel.

Newmark’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Christoper Kramer, Daniel Morin and Bill Bauman represented Granite Point in the transaction. The previous owner of the 457,000-square-foot shopping center, Dallas-based Netstreit, defaulted on the loan earlier this year. The foreclosure did not include the residential condominiums or rental apartments at The Paseo.

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