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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.

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Connect With Realty Advisory Group, Inc.’s RepstadConnect With Hanley Investment Group’s Lopez

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.