Genton Cockrum Partners, a West Hollywood-based developer, has sold a three-story, 92,500-square-foot office building at 625 Fair Oaks Ave. in South Pasadena for $30.7 million, or about $332 per square foot, with a 4.3 cap, to GreenBridge Investment Partners, a Beverly Hills-based commercial firm, sources said.
Chalvis Evans, a senior vice president at CBRE Group Inc., represented both sides in the transaction.
The building, which was built in 1987, is about 70 percent leased, according to sources.
The property once housed medical offices, but was renovated to a creative office space to appeal to design and technology tenants.
Genton purchased the property in 2014 for $20 million.
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.
You May Also Like
- Special Report: Real Estate Quarterly
- South Bay Industrial Space Sells for $103 Million
- Office Buildings in Pasadena, Glendale Hit the Market
- Westside Office Buildings Purchased for $42.5M
- Sirius XM Leases Hollywood Space for West Coast Programming HQ
- ACCO Buys Pasadena Office for $112 Million
- Miramar Capital Spends $19.1M for Torrance Office Building
- Office Building in Hollywood Sets Record With $4.1 Million Sale