The three-building creative office complex in Pasadena that is home to Disney Store’s western region headquarters was put up for sale earlier this month.
West L.A. real estate investment firm Karlin Real Estate, which purchased the property at 443 S. Raymond Ave. less than two years ago in a $19.3 million off-market deal, has retained Madison Partners to market the property.
Bob Safai, a founding partner of Madison, said the firm will market the property without a listing price, though he expects it could trade for as much as $30 million.
“The market is very robust, and it’s a perfect investment for someone who’s looking for yield with a very solid credit tenant,” he said. “(Karlin) won’t let it go unless they get a price they want.”
Disney Store, a subsidiary of Secaucus, N.J., specialty retailer Children’s Place Retail Stores Inc., has five years left on a 13-year, $23 million lease.
The nearly 72,500-square-foot property, built between 1922 and 1930, used to be an industrial laundry plant for Royal Laundry Co. It was designed by the late Gordon Kaufmann, the architect best known for his work on the Hoover Dam. The property underwent extensive renovations that were completed in 2005, including construction of a four-story parking structure that can accommodate 225 cars. It was listed on the National Register of Historic Places in 2007.
Matt Case, a senior executive director at Madison also representing the seller, said the property has bow-truss ceilings, floating staircases and a mezzanine level overlooking open-plan office space.
“In addition to strong cash flow, this property is arguably the coolest space in Pasadena,” he said.
Santa Monica Multifamily
Multifamily properties have lately been a hot commodity in Santa Monica.
Last month, a portfolio of three fully occupied apartment buildings totaling 66 units sold for $28.5 million, or an average of nearly $432,000 a unit, to private L.A. investor May Ling Yu of MLT Properties.
Seller Jeffrey Nemoy of Equity Real Estate Group bought the properties at 1033 Third, 811 Sixth and 1137 11th streets individually in 2009 and 2010 for between $265,000 and $328,000 a unit.
The largest of the three, Marvin Gardens Apartments, was built in 1970 and contains 32 one-, two- and three-bedroom units that range from 790 square feet to 1,350. The next largest, La Montana, was built two years later and has 23 units with similar configurations. The smallest of the properties was built in 1963.
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