$5 Million Pasadena Multifamily Property Traded in Multiple Offer

Published Thursday, February 2, 2018 | 11:05 am

A 16-unit multifamily property in Pasadena has traded for $5,060,000 or $316,250 per unit in a multiple offer scenario that is playing out for many Southern California multifamily properties, according to George Yessaie CCIM, a principal of Lee & Associates-LA North/Ventura, who represented the buyer, a private investor. “This investor, SOMA Realty LLC, was looking outside of Southern California for its 1031 Exchange upleg because pricing in this market is considerably higher,” Yessaie said. “But ultimately the company wanted to…

Altadena-Based Non-Profit Five Acres Opens New Location in West Covina

Tuesday, February 2, 2018 | 6:44 am

Image Courtesy Five Acres Family and child services agency Five Acres, headquartered in Altadena, has opened a new…

Pasadena Bank Partners with Los Angeles Housing Department to Provide Direct Down Payment Assistance for Homebuyers

Friday, February 2, 2018 | 6:45 am

CIT Bank, a Pasadena-based subsidiary of CIT Group Inc., has formed a partnership with the Los Angeles Housing…

Pasadena-Based Jacobs Completes Merger Transaction with Australian Company

Pasadena-based Jacobs Engineering Group Inc. announced on Thursday that it has completed its merger transaction with Sinclair Knight Merz, a 6,900-person professional services firm headquartered in Australia, in accord with the previously announced terms.

Retail

Pasadena-based Rightsify Rolls Out its Service to Hotels and Restaurants

Published Monday, January 1, 2018 | 3:45 pm

Starting Monday, eateries anywhere around the globe can have their own fully branded music app and online radio station—Rightsify FM — via Pasadena-based Rightsify, who rolled out the same service…

Pasadena Bank Survey Reveals Gen X, Millennials Prioritize New Year’s Resolution Savings Over Baby Boomers

Published Tuesday, December 12, 2017 | 6:28 pm

Millenials and Gen Xers are at least twice as likely to prioritize savings as a New Year’s resolution than Baby Boomers, a survey by Pasadena-based CIT bank showed. The survey,…

Commercial Real Estate

Cotton Medical Center in Pasadena Receives National Award for Excellence in Healthcare Real Estate

Published Monday, December 12, 2017 | 5:45 pm

Cotton Medical Center, a 115,000-square-foot, two-building medical office complex near the Huntongton Hospital in West Pasadena, has been awarded the prestigious 2017 HREI Insights Award in the category of Best…

The Theo, New Six-Story Residential Facility, Rises Near Historic Pasadena House

Published Tuesday, October 10, 2017 | 7:15 pm

Construction is now underway on a new 105-unit multifamily building at 289 North El Molino Avenue in Pasadena.. Dubbed as The Theo, the building is close to the Theodore Parker…

Business Briefs

Major Architectural Firm HDR Pulls Out of Pasadena

Published Monday, October 10, 2017 | 7:50 pm

A large multinational architectural and engineering consulting firm has moved out of Pasadena into a new office at Two California Plaza in the Bunker Hill District of downtown Los Angeles.…

Pasadena Festival of Women Authors Board Member Appointed as Marketing Manager of Burnham Benefits

Published Wednesday, September 9, 2017 | 12:03 pm

A board member of the Pasadena Festival of Women Authors was appointed as marketing manager of the Burnham Benefits Insurance Services, a statement from the company said. The statement described…

Business Districts

Pasadena’s Miso Robotics Secures $10 Million in ‘Flippy’ Funding

Published Thursday, February 2, 2018 | 6:28 pm

Pasadena-based Miso Robotics, which recently unveiled and successfully tested its burger-flipping kitchen assistant “Flippy,” has secured $10 million in Series B financing led by Acacia Research Corporation. The strategic investors…

Burbank-Glendale-Pasadena Airport to See Reduction in Staff Meetings

Published Wednesday, January 1, 2018 | 7:18 pm

The Burbank-Glendale-Pasadena Airport Authority has voted to reduce the number of airport staff meetings in an effort to improve airport staff efficiency. Last week, board members, minus absent Commissioners Bill…

Government

City Hall, Many City Services Closed For President’s Day, Monday, February 19

Published Friday, February 2, 2018 | 10:44 am

City Hall and many city services will be closed on Monday, February 19, 2018, in observance of Presidents Day. Specific closures, reminders, and exceptions are listed below. The City Council…

Council, School Board Approve Election Charter Amendment Measure for Voters to Consider in June

Published Friday, February 2, 2018 | 6:47 am

[Editor's Note: This story originally omitted important information about a key motion made by Councilmember Tyron Hampton. That has been corrected below.] “Now it’s up to the voters,” said Pasadena…

Pasadena Unified School Board, City Council Report on Budget Woes at Joint Meeting

Published Friday, February 2, 2018 | 6:47 am

With the Pasadena Unified School Board fresh from passing a County-mandated Fiscal Stabilization Plan cutting millions from the District’s spending, and the City’s staff urging Council consideration of Mayor’s Tornek…

Assemblymember Holden Introduces Legislation to Help Protect Children from Lead Poisoning

Published Thursday, February 2, 2018 | 6:12 pm

Assemblymember Chris Holden has introduced a bill that would expand lead testing in drinking water within child care centers. The legislation, Assembly Bill 2370, also encourages greater lead testing of…