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East Pasadena Shopping Plaza Sold for $29.5 Million

Published on Tuesday, February 14, 2017 | 6:24 am
 

Hastings Ranch Plaza, a 274,000-square-foot shopping center located at 3801 E. Foothill Blvd. in East Pasadena, has been acquired by Rockville, Maryland-based Federal Realty Investment Trust for a price of $29.5 million, a report by Commercial Property Executive said.

The property sits at the northwest corner of Foothill Blvd. and Michillinda Avenue. The building was constructed in 1982 and recently underwent renovations, receiving a new façade with new stone design, arcade, contemporary color palette, landscaping, lighting and site amenities.

CPE said the asset was fully leased, with tenants including Sears, Marshalls, HomeGoods and CVS, at the time of the sale.

The new owner anticipates an increase in value over time through potential redevelopment or the re-leasing of the space currently leased at below-market rents.

“We’re very happy to expand our Southern California shopping center portfolio and presence with the acquisition of Hastings Ranch and look forward to taking the property to the next level as leasing, and possibly, redevelopment opportunities unfold over the medium term,” Jeff Berkes, president of Federal Realty, West Coast, told CPE. “Hastings Ranch has an outstanding location in a great community with a very strong nearby interstate and public transportation infrastructure.”

Hastings Ranch Plaza is within walking distance of the Gold Line’s Sierra Madre Station, and is near Interstate 210, with an average traffic count at around 240,000 vehicles a day.

Federal Realty also owns properties on Colorado Blvd. in Pasadena, including Tanner Market and the historic Colfair Building. Tanner Market tenants include Banana Republic and Villa Sorriso Restaurant, as well as office tenants. Colfair Building tenants include Pottery Barn on the ground floor, and residential and office tenants on the remaining four floors.

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