Historic Lake Avenue property sold in Pasadena
One of Pasadena’s most recognizable commercial properties, a retail and office complex in the South Lake Avenue commercial district known as the Commons, has been sold for $21 million.
The 87,000-square-foot property is anchored by the Williams-Sonoma building, which was completed in 1912. It is also home to restaurants, including Green Street Cafe, the Counter, Lemonade and Cafe 140.
Other retail tenants include the Pasadena Cheese Store, Carmody & Co. and the Wine Detective.
The Commons covers two acres and includes buildings at 140 to 142 South Lake Avenue and a garage at 155 South Mentor Avenue.
Arenda Capital Management, a Los Angeles private real estate investment firm, and AEW, a Boston pension fund advisor, bought the Commons from SRO Properties of Los Angeles, brokers said.
The off-market deal required Arenda to assume an existing loan funded by commercial mortgage-backed securities, said Carlos J. Lopez, president of Hanley Investment Urban Retail Advisors, who represented the buyers.
-- Roger Vincent
Photo: The Commons retail and office complex in Pasadena. Credit: Hanley Investment Urban Retail Advisors