The one-story building, located at 1020 El Centro St., was built in 1920. It was 100% leased at the time of the sale, according to CoStar Group Inc., and has roughly 16,000 square feet of space on 2 acres.
Coldwell Banker Residential Brokerage’s Joe Kaplan and Bill Ukropina represented the buyer in the transaction.
“The purchase of this 2-acre parcel was a beneficial transaction for everyone involved, and the residents of South Pasadena will be well represented by the buyer, who plans a mixed-use development on the site,” Ukropina said in a statement.
Gangi Development’s Frank Gangi will develop the property. He was also behind the Mission Meridian project in South Pasadena in 2006.
In January, South Pasadena Unified School District purchased a nearby building at 1100 El Centro St. to house its offices. The district bought the building from a trust for $10.8 million.
Built in 1980 and renovated in 2001, the building has nearly 21,000 square feet.
“Securing this new space for our district employees is a thrilling way to begin 2021,” School Board President Ruby Kalra said in a statement at the time. “Years of hard work have gone into our overall facilities planning and finding an office environment that so efficiently meets our needs for safety and location, while remaining within our fiscal means, is a huge accomplishment.”
The school board borrowed $11 million for the purchase. The loan is for 20 years with a 2.48% interest rate.
The tenants of the property vacated in March. The school district plans to make improvements to the building and move in by July.
The South Pasadena market has had a few other notable sales this year, including a 16-unit apartment building at 150-154 Monterey Road sold for $6.1 million in June.
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