Faris Lee Handles Sale of Iconic Pasadena Retail Property

By Ted Jackson

Retail property specialists Faris Lee Investments has completed the $28.5-million sale of a freestanding, two-story Pasadena property the principal tenant of which is Ross Dress for Less. The transaction closed at a cap rate of 4.73% and $740 psf.

Jeff Conover and Don MacLellan, managing principals at Faris Lee Investments and Scott DeYoung, Sr. managing director at Faris Lee Investments represented the seller, a Los Angeles-based private family office, and sourced and represented an all-cash 1031 exchange Los Angeles-based buyer in the transaction.

Located at 460 S. Lake Ave., the property is part of a world-class trade area with close proximity to the Rose Bowl, Cal Tech, East West Bank and Tetra Tech corporate headquarters. Ross has occupied at this location for over 26 years.

“This was a unique opportunity to acquire the fee simple interest on Lake Avenue with a strong investment-grade credit tenant, one of the prime retail corridors in Pasadena,” said MacLellan.

“We strategically positioned the property as a generational legacy asset with a potential covered land play based on the highest and best use,” Conover added.