Aegon USA Realty Advisors, a Cedar Rapids, Iowa-based limited liability company, has sold the two-story, 39,000-square-foot Walgreens building at 310 S. Lake Ave. in Pasadena for $23 million, or about $585 per square foot, with a 4.9 percent cap rate, to a private investor in Beverly Hills.
Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller. John Repstad of Realty Advisory Group Inc. represented the buyer.
The property was built in 1949 and its three tenants are Walgreen Co., Sit ‘n Sleep Inc., and Premier Dental Care Group. Of the trio of tenants, Walgreen occupies both floors with 27,000 square feet of space.
The building is located on the southeast corner of Lake Avenue and Del Mar Boulevard, in the heart of one of Pasadena’s major shopping districts.
Aegon USA Realty Advisors is an affiliate of Hague, Netherlands-based Aegon N.V., a provider of insurance, pensions and asset management with a global presence as an estimated $950 billion in assets under management. It operates the Transamerica brand under Aegon USA Investment Management, also based in Cedar Rapids, with a major operations center in Chicago.
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