Dallas-based property development and management firm Cypress Equities has announced it has acquired the Paseo Colorado in Pasadena, according to a report by the San Gabriel Valley Tribune written by Kevin Smith.
Pasadena Now’s calls to Cypress Equities have not been returned. A spokesman for current owner DDR Corp. said he could not comment.
Quoting a statement from Cypress Express, the SGV Tribune article said the sale was secured Friday by a fund managed by the company’s real estate investment management group.
The sale transfers ownership of the upscale outdoor retail mall from DDR Corporation to Cypress, which plans to convert the 150,000-square-foot space occupied by a Macy’s department into a 179-room Hyatt Place hotel.
Paseo Colorado, a 382,000-square-foot mixed-use center located a few blocks east of Old Pasadena, has seen several renditions of economic development since the late 1970s. In 1980, an indoor mall called Plaza Pasadena dominated the land from Los Robles Avenue to Marengo Avenue, anchored by the Macy’s store and a J.C. Penney’s.
The site is now anchored by ArcLight Cinemas, DSW Designer Shoe Warehouse, Equinox Health and Fitness, P.F. Chang’s China Bistro and a Yard House restaurant. Recently opened businesses include White House/Black Market, Bath and Body Works, Soma and Chico’s.
The SGV Tribune quotes Todd Minnis, managing partner and chief investment officer at Cypress’ real estate investment management team, as saying they intend to transform Paseo Colorado into the dominant regional shopping, dining and entertainment destination in Pasadena.