Pasadena Shopping Center Trades for $30M
Pasadena, Calif.—Federal Realty Investment Trust recently announced that it has acquired Hastings Ranch Plaza, a 274,000-square-foot shopping center in Pasadena, for a price tag of $29.5 million.
Located at 3801 E. Foothill Blvd., at the northwest corner of Foothill Blvd. and Michillinda Avenue, the asset was constructed in 1982 and recently underwent renovations. The entire center received a new façade with new stone design, arcade, contemporary color pallette, landscape, lighting and site amenities. McKently Malak Architects was in charge of giving a new life to the retail center.
Hastings Ranch Plaza is situated within walking distance of the Sierra Madre Metro Station, which serves the Metro Gold Line, and in close proximity to Interstate 210, with an average traffic count at around 240,000 vehicles a day.
At the time of the transaction, the asset was fully leased, the tenant roster including Sears, Marshalls, HomeGoods and CVS. The new owner anticipates an increase in value over time through potential redevelopment or the re-leasing of the space currently leased at below-market rents.
“We’re very happy to expand our Southern California shopping center portfolio and presence with the acquisition of Hastings Ranch and look forward to taking the property to the next level as leasing, and possibly, redevelopment opportunities unfold over the medium term,” said Jeff Berkes, president of Federal Realty, West Coast, in a prepared statement. “Hastings Ranch has an outstanding location in a great community with a very strong nearby interstate and public transportation infrastructure.”
Image courtesy of McKently Malak Architects