CoreTrust Snaps Up South Lake Avenue Office Complex For $260 Million

Published : Thursday, March 15, 2018 | 5:45 AM

CoreTrust

Los Angeles-based Coretrust Capital is set to buy a Pasadena office complex for about $260 million, with an apparent eye toward repositioning the four-building property, according to a report in The Real Deal.

The report said Coretrust will acquire the 640,000-square-foot Corporate Center Pasadena campus from Zurich-based UBS Realty, quoting Real Estate Alert, which first reported the sale.

Last August, UBS had listed the property through Eastdil Secured, a national real estate investment banking company.

Corporate Center Pasadena sits on six acres at 251 South Lake Avenue and has a 22-percent vacancy rate, according to the report – significantly higher than the rest of the county, which had an average of 14.4 percent during the third quarter of 2017.

UBS had owned the office complex for 30 years.

Before the reported sale, UBS said buyers could renovate the common areas to create a collaborative campus, and boost rents. Corporate Center Pasadena, which spans a full city block, had 17 suites available to rent under the Leasing Opportunities section of its website, some with more than 20,000 square feet.

“One of the best served sites in Pasadena’s vibrant South Lake Avenue business and shopping district, Corporate Center Pasadena is a four-building complex with 600,000 square feet of prime commercial space. Exceptional on-site and walking distance amenities include restaurants to suit every taste, a state-of-the-art health club, financial institutions, and of course shopping,” the website says.

Coretrust acquired Citigroup Center in Downtown LA for roughly $340 million in 2016. The report said Coretrust will spend $50 million to upgrade the building.

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