Updated Dec 21, 2023
Faris Lee Investments Sells Retail Property In Pasadena For $28.5M
460 South Lake Avenue, Pasadena, California 91101, United States
$28,500,000
$740/SF
Building Size
38,513 SF
Asset Type
Retail
Closing
Feb 3, 2022
About this deal
AI
A retail property located at 460 S. Lake Ave. in Pasadena has been sold for $28,500,000. The property spans across 38,513 square feet, resulting in a price per square foot of $740. The transaction took place on February 4, 2022, with a capitalization rate of 4.73%. The property is situated in the Pasadena market.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $28,500,000
- Square Footage: 38,513
- Price Per Square Foot: $740
- Date: February 4, 2022
- Capitalization Rate: 4.73%
- Market: Pasadena
The sale of this retail property was facilitated by Faris Lee Investments, with brokers Jeff Conover, Don MacLellan, and Scott DeYoung representing the parties involved.
Players
Pasadena Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93