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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