Shops on Hill Sold For $18 Million

Two mixed-use properties on Hill Avenue and Washington Boulevard sold to a private company for $18 million.

The Shops on Hill features two buildings on opposite corners of the intersection of East Washington Boulevard and North Hill Avenue that total 34,202 square feet of retail and residential space on more than 1.4 acres of land.

“It’s a one of a kind property,” said David Walker, president of Engine Real Estate. “It’s a real neighborhood attraction. Not only does it have apartments, but the retail component really is a key to the neighboring community. And it really serves that purpose whether it’s the restaurants, the Pilates studio, the gyms, what have you. And it makes it kind of a little destination center in the middle of a part of Pasadena that’s not the traditional part that people think of.”

Dana Brody of Marcus & Millichap represented Walker in the sale.

The larger, northern property consists of 1383-1399 East Washington Boulevard, 1366 East Washington Boulevard., and 1349-1365 North Hill Avenue. That property is a corner property at the intersection of East Washington Boulevard. and North Hill Avenue. The North property includes a surface parking lot of 50 spaces and is a 24,691 SF two-story structure. There are 14 ground-level retail tenants and a second story of 12 residential apartments.

The total lot size is 37,805 square feet.

The southern property is located at 1384-1400 E. Washington Blvd. at the corner of E. Washington Blvd. and N. Hill Ave. This one-story multi-tenant commercial structure is 9,511 SF in size with four commercial retail tenants, situated on a lot that is 13,173 square feet.

A parking lot of 32 spaces sits adjacent to the northern property structure, which is included in the sale and has its own address known as 1366 E. Washington Boulevard, totals an additional 10,866 SF.

“I’d owned it for a long time and it was a little bit remorseful to sell it because I did like the property and all of the tenants very much,” Walker said. “But it was time for me, given my investment horizon. It was now time for the next person to take over and match their return requirements with their investments.”