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Onni Group Acquires Distressed Pasadena Shopping Center
Onni Group has purchased The Paseo, a distressed Pasadena outdoor shopping center for $103 million. The firm bought the property, via a deed-in-lieu, after simultaneously acquiring the property’s defaulted debt from Granite Point Mortgage Trust.
The Paseo, located on E. Colorado Boulevard, currently has several recognizable tenants including H&M, Tommy Bahama, P.F. Chang’s and Yard House, but lost both its anchor tenants in 2013 when Macy’s and Gelson’s Markets shut down. The Macy’s property has been reimagined as a brand-new Hyatt Place Hotel.
Newmark’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Christoper Kramer, Daniel Morin and Bill Bauman represented Granite Point in the transaction. The previous owner of the 457,000-square-foot shopping center, Dallas-based Netstreit, defaulted on the loan earlier this year. The foreclosure did not include the residential condominiums or rental apartments at The Paseo.
Dive into “all things retail” at Connect Retail West on November 9th at the Luxe Sunset Boulevard Hotel in Los Angeles. Details and registration info here.
- ◦Sale/Acquisition
