Attention Pasadena shoppers...
October 15, 2008 | 6:08
am
This might be of interest if it's in your neck of the woods. The Lake Avenue Shops, at 505 S. Lake Ave. in Pasadena, is listed for sale at $15,475,000.
The 24,366-square-foot street-front retail building is 100% occupied by businesses including Ann Taylor, Pottery Barn Kids and Talbots. Located on the west side of the street, it sits on 1.11 acres.
The seller, a private family partnership based in Beverly Hills, is being represented by listing agent Carlos J. Lopez of Hanley Investment Urban Retail Advisors.
Perhaps it's a pre-holiday sale of sorts.
--Lauren Beale
Thoughts? Comments?
Photo: Greg Epstein Photography
All of the retailers you mentioned that are occupying those spaces are all tanking hard. It seems pretty obvious that with the economy headed down, many of the occupants will not be renewing their leases, and/or filing chapter 11. Apparel retailers are in for a tough year.
Posted by: Hangemhigh | October 15, 2008 at 08:35 AM
Yes, let's buy some retail space just as the biggest and longest decline in consumer spending is getting started.
Posted by: tew | October 15, 2008 at 09:08 AM
Yep, and they want something like a 5.3% cap on above market rents. Limited parking and now the streets are metered. Good luck at that price.
Posted by: Wooster | October 15, 2008 at 09:53 AM
There's plenty of money to be made there, someone should put in pawnshops a nix check cashing and a liqour store.
Posted by: kosher krab | October 15, 2008 at 09:56 AM
Overpriced? With retail rents expected to go downhill, it's smart to get out now.
Posted by: TrojanDLA | October 15, 2008 at 10:05 AM
"The 24,366-square-foot street-front retail building is 100% occupied by businesses including Ann Taylor, Pottery Barn Kids and Talbots"
I think these sellers see the trend in retail and are getting out. Talbots closed it's kids division and the parent isn't in great shape. Ann Taylor's stock is more than 50% off it's 52 week high. And what's the market for kid's furniture these days?
Posted by: TakeFive | October 15, 2008 at 10:37 AM
They're listing it as fully occupied? There's for lease signs on at least two fronts...
Posted by: Jim | October 15, 2008 at 11:22 AM
On that same block, and on that side of the street, there is already a downturn in neighbouring stores. A Stroud's has been closed for a year. Ditto for a former camera store. On the other side of the street, an upscale department store with a large floor space has also been vacant for a year. Plus, on both sides, there are several smaller vacancies. While nearby, a small supermarket is shuttered.
Oh, and the west side of the street has the large, former Bullocks building. With a huge vacancy as Linen 'n Things closes down.
Ironically, the Democratic Party has benefitted. Since July, it has been renting a vacant store on the block, because the store owner couldn't find any permanent tenant. But by the end of November, it will be vacant again.
Basically, that entire stretch has been hurting since 2007.
Posted by: Wesley Boudville | October 15, 2008 at 11:23 AM
I am sorry, but did someone say that Mr. Sam Zell called a bottom in real estate earlier this year?
I seem to remember vaguely some discussion about that.
It appears that the insiders don't always know better. Fortune magazine had an article about GE being underwater now from buying back shares too high last year.
Posted by: MyLessThanPrimeBeef | October 15, 2008 at 12:17 PM