JKZ Fairmont Preston Acquires Fairmont Preston Plaza Retail Center In Pasadena From Mission Shore Management

The transaction involves the acquisition of Fairmont Preston Plaza, a retail center located at 4802-4930 Fairmont Parkway in Pasadena, with a total square footage of 105,869. The property has an occupancy rate of 89% and is anchored by Planet Fitness and Cosmic Air. The center presents value-add opportunities with 20% below-market rents and nearly half of the leases expiring within three years.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: Not disclosed
• Buyer: JKZ Fairmont Preston
• Seller: Mission Shore Management
• Buyer's Representative: Matt Moake - HighStreet Net Lease Group
• Seller's Representatives: Ryan West, John Indelli, Zamar Salas & Max Myers - JLL

JKZ Fairmont Preston, the buyer, is positioned to enhance the retail center's value due to the favorable lease dynamics. Mission Shore Management, representing the seller, effectively managed the transition of ownership with the assistance of JLL, who facilitated the sale with their comprehensive market knowledge.