MLS Number 21773942
We are pleased to exclusively represent this once in a generation opportunity to acquire The Shops on Hill, two fully occupied mixed-use signalized corner properties with ample parking in beautiful and historic Pasadena, California. This 100% occupied portfolio totals over 34,000 SF of mixed use retail and apartments offering a 5.2% In-Place Cap. A cultural center of the San Gabriel Valley, Pasadena is home to the famed Rose Bowl, Caltech, Pasadena Playhouse, Norton Simon Museum, Millionaires Row, and the Jet Propulsion Laboratory. Pasadena is also proud to house the just announced GM Advance Design Center, a $71 million 8-acre design and technology campus situated just 3 miles away, slated to open mid-2022. 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 a combined lot area of more than 1.4 acres of land. The larger, North property located at 1383-1399 E. Washington Blvd. and 1349-1365 N. Hill Avenue is a corner signalized property at the intersection of E. Washington Blvd. and N. Hill Ave. 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 which consists of 12 residential apartments, all of which have been renovated and re-leased in the last few years. Total lot size of the North Property is 37,805 square feet, which includes a surface parking lot for 50 cars. Opposite the North Property, the South 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 south 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. Shops on Hill, which resembles the surrounding neighborhoods unique historical architecture, benefits from the surrounding demographics and it provides a highly curated, local shopping experience for neighbor residents and is a regional draw for shoppers looking for bespoke stores and services. Shops on Hill provides a unique opportunity to acquire two corners at a pivotal Southern California intersection. With its beautiful, vintage brick facade architecture and amazing curb appeal, Shops on Hill has unparalleled visibility to the street and the city of Pasadena. Amid all the shifting uncertainties and changing priorities of the past pandemic year for greater Los Angeles' restaurant industry, one glowing bright spot has emerged: Pasadena. The standalone city northeast of Downtown, at the edge of the broad San Gabriel Valley, has quietly become one of the busiest dining scenes anywhere in Southern California. Median home prices for the surrounding neighborhood Bungalow Heaven now tops over $1,100,000 and the average household income is nearly $120,000 per year, making for an exceptionally strong consumer base for the offering. The Shops on Hill is truly a once in a generation opportunity for a private or individual investor looking for a solid, stable in-place 5.2% return with the opportunity to raise rents over time and reach a proforma cap rate of nearly 6.8%.
Listed by Dana Brody of Dana Brody