The Theatre Artistry Building, a freestanding retail property in the heart of Pasadena, has hit the market for the total amount of $11.25 million, or approximately $759 per square foot. The property covers a total of 14,831 square feet and is located on 0.25 acres of land at 600 E. Colorado Blvd.
The marketing of the property is led by the Colliers’ Retail Capital Markets team of Caitlin Zirpolo, El Warner and Alyssa Mera. The property is currently owned by an entity that shares an address with Continental Development Group, which acquired it in 2018 for $5.3 million, or about $357 per square foot.
The Theater Artistry Building is a two-story, Class B retail property originally constructed in 1932, with the most recent renovation completed in 2018. The building is fully leased to a number of tenants that include Anytime Fitness, Carbon Health and Sweetgreen. The marketing materials show the current net operating income is just above $802,000 per year and the cap rate currently stands at 7.13 percent. The property also offers 87 parking spaces.
The property’s location on Colorado Boulevard offers access to many cultural and arts activities within the Playhouse Village as well as other retail and dining venues in the neighboring Old Pasadena. Some of the other major retailers in the area include Starbucks, US Bank, Fleming’s and others. Other well-known landmarks in the area also include the Rose Bowl and the Pasadena Playhouse.
Although the retail market in Los Angeles has encountered hurdles such as increased vacancy rates and rental costs, alongside reduced construction activity throughout the county at the end of 2023, some notable properties may give a better gauge at the current market conditions. Across the whole of Los Angeles County, the retail sector had reported cap rates holding steady just above five percent year-over-year in the last quarter of 2023. As the asset values seem to be holding, the Kidder Mathews Los Angeles Retail Market Trend reports for Q4 2023 shows the average sales price is around $448 per square foot, which is nearly 12 percent higher year-over-year. Among the notable transactions in the previous quarter, one a standout deal involved the acquisition of a 11,500 square foot retail property situated at 641 N Robertson Blvd. in West Hollywood. Charing La Peer LLC secured the purchase for $33.5 million, equating to roughly $2,965 per square foot, according to the report.
The Registry also recently reported on a 5,580 square foot retail property leased to J.Crew that is listed for sale for $12.75 million, or approximately $2,285 per square foot. The retail asset is situated on 0.13 acres in Old Pasadena at 46 W Colorado Blvd.
