Tiffany and Shops, a 28,421-square-foot street-front retail property in Pasadena, has sold to a joint venture of Sawtelle-based Blatteis & Schnur Inc. and Hayward-based Felson Cos. for $52.3 million, or approximately $1,838 per square foot – a record for Colorado Blvd. and the city of Pasadena, which the brokerage involved attributed to the project’s strong rental rates.

CBRE Group Inc.’s Jimmy Slusher, Philip D. Voorhees and Trent Steeves represented the seller, a partnership managed by Century City-based Rockwood Capital, in the transaction.
Tiffany and Shops — anchored by Tiffany & Co., Crate & Barrel and Foot Locker store House of Hoops — is located at 64-68 Colorado Blvd., in the heart of Pasadena’s Old Town Pasadena Shopping District. The property benefits from significant visibility along Colorado Boulevard and De Lacey Avenue, where traffic counts exceed 29,250 vehicles per day.

“It’s rare for such an iconic location with world-class tenancy to become available,” Slusher said in a statement.
“CBRE experienced strong interest largely due to the renewed long-term lease with Tiffany & Co. and relocation of Crate & Barrel into the site, both confirming the corner of Colorado and De Lacy as the 100% retail location along the famed retail corridor.”

Scott Gordon, executive vice president of acquisitions and development at Blatteis & Schnur, said in a statement that the property was “perfectly in line with our long-term national high-street strategy.

Blatteis & Schnur is best known for projects including At Mateo in the Arts District and a $500 million project in the works in San Francisco.

The company traces its roots back roughly 100 years to Samuel Blatteis, who started the company as Blatteis Realty Co. His son, Dan Blatteis, and partners run the company today. He and Robert Schnur founded the current iteration of the company in 1999.