Pasadena Tiffany and Shops Changes Hands for $52M

CBRE has arranged the sale of a street front retail property anchored by Tiffany & Co., Crate & Barrel and House of Hoops in Pasadena, CA. The Colorado Boulevard project was sold to Blatteis and Schnur and the Felson Companies for $52.25 million, or approximately $1,838 per-square-foot, which CBRE says is a record for Pasadena.

Jimmy Slusher, Philip D. Voorhees and Trent Steeves of CBRE’s National Retail Partners represented the seller, Rockwood Capital. “It’s rare for such an iconic location with world class tenancy to become available,” said Slusher in a news release. “We experienced strong interest largely due to the renowned long term lease with Tiffany & Co. and relocation of Crate & Barrel, confirming the site as the 100% retail location along the corridor.”

The property in the heart of Pasadena’s Old Town benefits from significant visibility, not only from the 29,000 vehicles per day on Colorado Boulevard, but is also located in the middle of the route through Pasadena for the annual New Year’s Day Tournament of Roses Parade.