California + Los Angeles + Retail | May 9, 2023

Faris Lee Investments has listed a triple-net-leased retail investment opportunity in the Hastings Ranch trade area of Pasadena, California

Faris Lee Lists Prime Triple-Net Pasadena Retail

Faris Lee Investments has listed a prime two-tenant triple-net-leased investment opportunity with below market rents in Pasadena’s Hastings Ranch trade area. Located on the highly trafficked corner of E. Foothill Boulevard and S. Michillinda Avenue, the property is 100% occupied by long-term tenants JPMorgan Chase & Co and Lakeshore Learning, both with recent five-year lease renewals.

With 16 years’ tenancy at the property, JPMorgan Chase comprises 67% of the income stream, while 26-year tenant Lakeshore Learning makes up the balance. Faris Lee’s Shaun Riley, Jeff Conover and Scott DeYoung have the listing.

There is a value-add opportunity with potential 52% income growth at market rents equating to $327,000 additional annual income, according to Faris Lee. Increasing Lakeshore Learning’s below market rent to market levels, coupled with imbedded rent increases from Chase, can achieve an expected cap rate of 6.85%.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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