Michaels Retail Property Sold

Michaels home decor and crafts retail property at 1155 East Colorado Boulevard Pasadena was recently sold. The one-acre, 21,480 square foot, two-story building, originally built in 1939, has long been occupied by the Michaels store, and the store owners plan to remain on the property. The store is not closing.

The property’s asking price was $9,488,000 with five purchase offers.

The transaction was managed by Team Ukropina at Coldwell Banker Commercial Pasadena, with brokers Bill Ukropina, Kathi Constanzo, Robert Ip and Alex Banks representing both the buyer and seller.

“The sale of this property had significant interest from both local and regional buyers,” said lead broker and longtime Pasadena resident Ukropina, “and the transaction shows the continued strength of the Pasadena commercial market. Investors want to own property in our dynamic city.”

Ukropina has been involved in many landmark lease transactions in the San Gabriel Valley, including the 13.36 acre St. Luke Hospital, the 7.88 acre World Vision property in Pasadena, and the 5.85 acre San Gabriel Nursery. He completed a 126,000 square foot lease with Earthlink Network, negotiated 2.2 million square feet of leases and sublease on behalf of IBM, and has closed more than 500 small and large commercial lease transactions with a number of different property types.