EDITOR'S NOTE: The second item in this column, "Inglewood Development," has been changed from the print version, to correct the acreage and purchaser of the property.
The historic beaux arts building that once housed the Pasadena Star-News was sold last week in a bankruptcy auction for more than $16.5 million.
The four-story building, at 525 E. Colorado Blvd., went to Beverly Hills real estate firm Greenbridge Inc. for about $259 a square foot.
Built in 1925 and renovated in 2000, the nearly 64,000-square-foot building is fully leased to tenants that include Le Cordon Bleu College of Culinary Arts, Eclat Medical and 24-Hour Fitness. A nearby three-story parking structure with 207 stalls was included in the deal.
Fareed Kanani, who co-founded Greenbridge with partner Sean Hashem nearly three years ago, said the company bought the building to grow its still-young portfolio.
“The idea was to purchase this for a long-term hold, as we do with most of our investments,” he said. “It’s a classic building, one of those gems you rarely see come to market.”
The partners own a couple of other properties in and around Pasadena, including a pair of mixed-use buildings at 1349 N. Hill Ave. and 1366-1400 E. Washington Blvd.
Bob Safai, a founding partner of West L.A. real estate brokerage Madison Partners, managed the transaction for a bankruptcy trustee. He said the property garnered eight or nine bids before ending with Greenbridge.
Along with plans for the redevelopment of Hollywood Park, the recent rehab of the Forum and news that St. Louis Rams owner E. Stanley Kroenke acquired land flanked by the two, Inglewood has another property that has drawn the attention of developers.
A project is in the pipeline for the former Daniel Freeman Memorial Hospital, just a half-mile north of the Forum.
A fund of Irvine’s Shopoff Group purchased the nearly 20-acre property, at 333 N. Prairie Ave., for an undisclosed price at the end of the year in a limited partnership with the First Church of God of Los Angeles California.
The hospital, which shares a site with six other small buildings, was built in 1953 and named for the founder of the city of Inglewood. Most of the buildings, other than a couple of the smallest that rent on a month-to-month basis, have sat vacant in the seven years since the hospital shut down.
Ashish Katana, executive vice president of acquisitions and development for Shopoff, said development plans for the expansive site, which is zoned for medical or residential use, include building as many as 363 for-sale townhomes.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Law Suit Dredges Up Spotted Past of Real Estate Mogul, Church Founder
- BentleyForbes Builds Staff to Boost Holdings As High as $10 Billion
- One Palace, Never Used
- Developer Plans 228 Homes in Inglewood Near Rams Stadium
- SPECIAL REPORT: William Shopoff
- Coretrust Capital Buys Six-Acre Office Campus in Pasadena for $250M
- Pasadena Campus Pegged at $250M