A historic building at 110 E. Holly St. in Pasadena has sold for $6 million, or $907.44 per square foot, to an owner-user.
Dan Bacani of Lee & Associates – Pasadena Inc. and Nick Peukpiboon of Daum Commercial Real Estate Services represented the private individual who sold the property. Lane Aronson and David Lao of Berkshire Hathaway Home Services represented the undisclosed buyer. The 6,612-square-foot single-tenant building was built in 1904 by John Cazaurang and was originally a 22-horse livery stable for a carriage business. The site —which features a parking lot and an outdoor patio — was vacant at the time of closing.
“I believe that there is a clear vision to restore this Pasadena landmark to its former glory while enhancing it with amenities on the inside in order to achieve a high level of modern functionality,” Bacani said in a statement. “The building’s close proximity to City Hall, the Metro Gold Line at Memorial Park and to much of Old Pasadena represents a fantastic opportunity for both the city and the new owners.”
Bacani said the aging structure still managed to attract buyers willing to pay top dollar.
“The transaction commanded a price of over $900 per square foot which speaks to the demand for such architecturally interesting commercial real estate gems, particularly in Pasadena,” Bacani said.
The building has a long history. Cazaurang, a wealthy Frenchman, was one of the most prolific growers of hay and alfalfa in the San Gabriel Valley. After a four-year lawsuit, which he lost, Cazaurang decided to relocate to Rancho Guejito. John Breiner, the founder of the Pasadena Meat Market, purchased the structure at 110 E. Holly St. to serve as his horse stables. The building later traded hands several times and was used as a garage for 13 cars, a Red Cross thrift store and the Rose Parade float construction shop, among other uses.
