Team Archibald and Olaiz Represent Buyer and Seller in Transaction
South Pasadena, CA (February 6, 2018)— Coldwell Banker Commercial Advisors (CBC Advisors) just sold a 35,470 square-foot signalized corner property, located at 815 Freemont Ave in South Pasadena for a price of $5,300,000.
Guillermo Olaiz and John Archibald, senior vice presidents of CBC Advisors in Glendale, brokered the sale of this iconic property. Further redevelopment plans for the property were not disclosed by the buyer.
“The Seller was able to capitalize on the future residual land value of the asset, regardless of its existing below-market lease with the current user – allowing our team to leverage the asset’s marketability as a transit-oriented development (TOD) opportunity rather than on an income approach basis,” said Olaiz.
Built in 1978, the property features a 4,415-square foot freestanding restaurant building. The restaurant is leased short term to Carrows restaurant, a casual dining restaurant chain that serves breakfast, lunch and dinner in the western style of the United States.
Located at one of South Pasadena’s most visible “Main & Main” intersections with large retail signage, this property has easy access to well-trafficked commercial thoroughfare. The property features over 350 feet of combined linear frontage on a hard corner at the signalized intersection of Fremont Avenue and Mission Street Traffic count of over 48,000 vehicles per day.
“South Pasadena is known for having some of the best demographics and median home values in the San Gabriel Valley,” said Archibald.
As a full-service commercial real estate brokerage, CBC Advisors represents world-class office, retail, investment, industrial and multifamily projects coast to coast while providing institutional-grade asset services nationwide. Coldwell Banker Commercial operates in key markets throughout the U.S. and abroad.