Pasarroyo, a four-building office complex in Pasadena, is heading back to its lender following a recent auction. Despite an opening bid of $114 million, no further bids were made during the auction, resulting in the property reverting to the control of its lender, Heitman, according to a report from Bisnow.
Located at 251 South Lake Ave., the 650,000 square foot property was owned by Coretrust Capital Partners since 2018, when it acquired it for $254 million. Heitman then extended a loan exceeding $267 million to Coretrust for the property in 2018. As of July, Coretrust owed approximately $271 million on the loan.
The opening bid was approximately 42 percent of Heitman’s outstanding debt of $271 million on the building.
The complex, constructed between 1964 and 1982, comprises buildings ranging from two to 14 stories. The property features approximately 40,000 square feet of retail space as well as 60,000 square feet of outdoor space, an event center and other onsite amenities, according to its website. Some of its tenants include KW Commercial, Pennymac Loan Services and UBS.
Coretrust Capital Partners, established in 2014, specializes in procuring and managing office properties in several U.S. markets. Founded by Thomas Ricci, Randall Scott and John Sischo, the firm has expanded, scaling from 400,000 square feet in 2014 to about four million square feet in 2021, according to the most recent data on the firm’s website.
