Colliers International has negotiated the sale of a prized Pasadena re-development site at the terminus of the Pasadena Freeway to a Beverly Hills-based developer who plans to turn the former industrial property into a vibrant retail center along one of the most heavily trafficked streets in the city, company officials have reported.
Located at 800 S. Arroyo Parkway, demand for the property was so strong that multiple bids were received and it remained on the market for just 30 days before the sale was completed. Colliers’ Shadd Walker and Steve Calhoun were the exclusive listing brokers representing the property’s owner, Bruce Anderson. The buyer was the development firm of Meyer Pacific, which was represented in the transaction by Coldwell Banker Commercial. Total consideration was $2.8 million.
Originally an industrial site on the western edge of the city, the property has housed a variety of industrial-based firms since it was first developed in 1935. But with population growth and a vast change in the demographics of the surrounding neighborhoods, the site, which measures slightly over one-half acre and includes a 2,279-square-foot building, is now considered under-utilized and a perfect fit for retail development, according to Calhoun.
“Arroyo Parkway has a very high traffic count since the Pasadena Freeway (110) begins and ends there,” added Walker. “This site also benefits because changing demographics have brought major retailers to the rest of the street, which is surrounded by some of Pasadena’s most desirable neighborhoods. This is one of the last sites remaining along Arroyo Parkway that is primed for re-development into a higher and better use.”