PASADENA, CALIF. – A private investor has purchased the Old Pasadena Collection, a mixed-use portfolio that contains two residential buildings and two retail buildings, for $42.6 million.
The two residential buildings contain a total of 91 units at 22 West Green Street and 65 West Dayton Street. The two freestanding retail buildings are located at 60 and 70 West Green Street. All four of the properties are situated in the historic district of Old Town Pasadena.
The 48-unit Palermo apartment community was built in 2003. It includes four ground-floor retail suites occupied by a paint-your-own-pottery store, a restaurant and a dance company.
The 43-unit Messina apartment community was built in 2004. It has one ground-floor retail suite currently occupied by a tutoring and college-test-preparation business. This space also serves as the leasing office for both the Messina and Palermo.
The former Green Street retail space is occupied by Design Within Reach, while the latter property is home to Gyu-Kaku, a Japanese barbecue restaurant. Both buildings were constructed with reinforced brick masonry in 1916 and 1921, respectively. Each contains 5,750 square feet of leasable space.
The seller, a private party, was represented by Ron Harris, Paul Darrow and Michael DiSimone of Institutional Property Advisors.