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California  + Los Angeles  + Retail  | 

Landmark South Lake Pasadena Walgreens Trades

A landmark building occupied by Walgreens at 310 South Lake Ave. in Pasadena has sold for $23 million, representing a cap rate of 4.9%. The seller was Cedar Rapids, IA-based Aegon USA Realty Advisors, LLC, while the buyer was an unnamed Beverly Hills, CA-based private investor.

Built in 1949, the iconic freestanding 39,290-square-foot building is located on 0.79 acres at South Lake Avenue and Del Mar Boulevard. The first and second floors of the building, totaling 27,025 square feet, are leased to Walgreens until 2027. The second floor is subleased to Sit ‘n Sleep for a 14,057-square-foot store. The 12,265-square-foot basement is leased to Premier Dental Care Group. The sale also included a portion of the parking lot and the use of the adjacent reciprocal parking.

Realty Advisory Group, Inc.’s John D. Repstad represented the buyer. Hanley Investment Group Real Estate Advisors’ Carlos Lopez and Lee Csenar represented the seller.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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