Historic Old Town Plaza Trades for $32M

PASADENA, CA-The historic Old Pasadena Plaza I and Old Pasadena Plaza II mixed-use properties, totaling a combined 72,816 sf in the heart of this city’s Old Town district, have traded for $32 million, according to Los Angeles-based Madison Partners. Cambra Real Estate/Angelo Gordon Co. acquired the plazas from Old Pasadena Plaza II LLC, in an off-market transaction, according to principal Bob Safai of Madison, who negotiated the sale.

The restored Old Town Pasadena district has been one of the most successful undertakings of its kind in Southern California, and Safai points out that the properties that traded feature a restaurant row including Café Bizou, Xiomara, Shaab and the Chado Tea Room. Safai, who represented both the buyer and the seller in the sale, also represented the buyer in the placement of floating rate debt provided by Capmark.

The 58,947-sf Old Pasadena Plaza I combines office and retail on about three-tenths of an acre of land at 75-85 N. Raymond Ave., 87-91 N. Raymond Ave., 95 N. Raymond Ave. and 54-56 E. Holly St. Old Pasadena Plaza I is composed of three restored, historic elements: constructed in 1909, 75-85 Raymond Ave. consists of a two-story, 9,646-sf mixed-use brick building. Constructed in 1914, 87-91 Raymond Ave. consists of a nine-story, 44,127-sf mixed-use poured-in-place concrete building. Constructed in 1895, 95 Raymond Ave. and 54-56 E. Holly St. are two- and three-story, 5,174-sf mixed-use brick buildings.