Pasadena Office Building Sells for $40 Million

Los Angeles-based brokerage firm CBRE Group Inc. said it has successfully negotiated the sale of the 121,000 square foot Gateway Metro Center at 3452 E. Foothill Blvd. in Pasadena.

Sold for more than $40 million, the 11-story office building was sold as part of a deal that includes a 3.73-acre mixed-use development site near the Sierra Madre Villa Gold Line Station.

The buyer was reportedly CFT NV Developments of Rosemead, Calif.

CBRE said the bundle, which comes with additional land, drew about 20 offers.

The brokerage firm represented the Pasadena real estate investment firm Pacific Starr Group in the negotiations.