[Updated] A Canadian developer bought The Paseo shopping center in downtown Pasadena on Monday in a foreclosure sale after its owner defaulted on a loan, according to real estate news site The Real Deal.
The Onni Group of Vancouver paid $103 million through a foreclosure, according to a Monday release from Newmark, whose team brokered the deal.
The Paseo’s former owner defaulted on a loan connected to the property earlier this year, according to documents filed with L.A. County in June, The Real Deal reported.
The site reported that Netstreit owed $118 million on the loan as of Sept. 30, prompting foreclosure proceedings.
The foreclosure did not include the residential condominiums at the complex. It also did not include the rental apartment units at The Paseo, which were held by another entity.