PASADENA, CA-Greenbridge Investment Partners has acquired the historic Star News Building in Downtown Pasadena for $16.5 million, or $259 per square foot. The sale included a three-story, non-adjacent parking garage with 207 parking stalls.

Star News Building trustees Howard M. Ehrenberg and Mark Horoupian, of SulmeyerKupetz put the property on the market in a stalking horse bid. The seller is currently undergoing bankruptcy and appointed them as the property's Chapter 11 trustee. Madison Partners brokers Bob Safai and Matt Case supervised the transaction, successfully achieving the highest possible sale value. They heavily marketed the property and received multiple offers from prospective buyers. Madison Partners did not respond to our request for a comment.

Located at 525 E. Colorado Blvd. on the Tournament of Roses Parade route, the building was erected in 1925 for Star News, the building's original anchor tenant. Recently renovated, it remains a fine example of Beaux-Art architecture. The 63,863-square-foot building is currently 100% leased. The tenants include 24-Hour Fitness, Le Cordon Bleu College of Culinary Arts and Eclat Medical.

Activity in the Pasadena submarket continues to be strong. This particular sale is Madison Partners' second this quarter in Pasadena. It recently completed the transaction of the Old Towne Pasadena Plaza property. Rising Realty Partners purchased the property in partnership with tech icon David Sacks. The venture plans to renovate the property into a creative tech "hub," capitalizing off of the close proximity to California Institute of Technology and the Jet Propulsion Lab. It is located only a half mile from the Star News Building.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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