Tiffany and Shops, a 28,421-square-foot Tiffany & Co., Crate & Barrel and House of Hoops (Foot Locker)-anchored street-front retail property have been sold to a joint venture of Los Angeles-based Blatteis & Schnur and Hayward, California-based The Felson Companies for $52,250,000.
The properties are located in Old Pasadena near Colorado Boulevard and De Lacey Avenue., where traffic counts exceed 29,250 vehicles per day and access to public and private parking lots abound.
The sale was announced Monday by global real estate service firm CBRE which said that the sale price of $1,838 per square foot is a record for Colorado Blvd. and the city of Pasadena.
“It’s rare for such an iconic location with world-class tenancy to become available,” said Jimmy Slusher of CBRE’s National Retail Partners – West. “CBRE experienced strong interest largely due to the renewed long-term lease with Tiffany & Co. and relocation of Crate & Barrel to the site, both confirming the corner of Colorado and De Lacy as the 100% retail location along the famed retail corridor.”
“Perfectly in line with our long-term national high-street strategy, we are excited about this premium corner acquisition, representing 100% real estate anchored by prestigious international tenancy,” added Scott Gordon of Blatteis and Schnur.
Featuring corporate leases to Tiffany & Co., Crate & Barrel and Foot Locker, the property acts as a flagship location for the respective brands within Old Town Pasadena, an area internationally known for the annual New Year’s Day Tournament of Roses Parade (attracting +1 million visitors), the Rose Bowl (+90,000 seats), and the Norton Simon Museum to name a few.
Jimmy Slusher, Philip D. Voorhees and Trent Steeves of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Los Angeles-based Rockwood Capital, in the transaction. Slusher, Voorhees and Steeves also represented the buyer.