PASADENA, Calif. – CBRE announced the sale of the high street Tiffany and Shops, a 28,421-square-foot Tiffany & Co., Crate & Barrel and House of Hoops (Foot Locker)-anchored street front retail property located in Pasadena to a joint venture of Los Angeles-based Blatteis & Schnur and Hayward, California-based The Felson Companies for $52,250,000, or approximately $1,838 per square foot – a record for Colorado Blvd. and the city of Pasadena resulting from the project’s strong rental rates.
Jimmy Slusher, Philip D. Voorhees and Trent Steeves of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Los Angeles-based Rockwood Capital, in the transaction. Slusher, Voorhees and Steeves also represented the buyer.
Tiffany and Shops is located at 64-68 Colorado Blvd., in the heart of Pasadena’s famous Old Town Pasadena Shopping District, the property benefits from significant visibility along Colorado Blvd. and De Lacey Ave., where traffic counts exceed 29,250 vehicles per day and access to public and private parking lots abound.
“It’s rare for such an iconic location with world-class tenancy to become available,” said Slusher. “CBRE experienced strong interest largely due to the renewed long-term lease with Tiffany & Co. and relocation of Crate & Barrel to the site, both confirming the corner of Colorado and De Lacy as the 100% retail location along the famed retail corridor.”
“Perfectly in line with our long-term national high-street strategy, we are excited about this premium corner acquisition, representing 100% real estate anchored by prestigious international tenancy,” added Scott Gordon of Blatteis and Schnur.
Featuring corporate leases to Tiffany & Co., Crate & Barrel and Foot Locker, the property acts as a flagship location for the respective brands within Old Town Pasadena, an area internationally known for the annual New Year’s Day Tournament of Roses Parade (attracting +1 million visitors), the Rose Bowl (+90,000 seats), and the Norton Simon Museum to name a few.
“As America learns to live with COVID we’re seeing life in urban markets return to conditions more like normal. Colorado Boulevard’s history and authenticity provide a street retail experience that cannot be replicated. CBRE expects urban gems like Tiffany and Shops will see increased demand by customers and investors alike.” said CBRE’s Voorhees. “LVMH consolidated many of the premier luxury retail brands globally including Tiffany & Company. Opportunities to own free-standing properties leased to an established, high-performing LVMH credit tenant are scarce, particularly at a wide cap rate spread to the US 10 Year Treasury.”
Slusher, Voorhees and Steeves, based in CBRE’s Newport Beach and Phoenix offices, respectively, handle National Retail Partners retail investment assignments in the western states, including California, Oregon, Nevada, Arizona and Hawaii, representing the most accomplished retail investors in the U.S. The team's ability to collaborate across CBRE & multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Blatteis & Schnur
Blatteis & Schnur’s principal business specializes in the acquisition and development of 100% High Street properties in the top urban retail markets in the United States. The firm has consummated over 60 transactions over the last 25 years involving premiere properties in such diverse markets as the Arts District Los Angeles, Beverly Hills, Malibu, Union Square in San Francisco, Michigan Avenue and Lincoln Park in Chicago, Newbury Street in Boston, Walnut Street in Center City Philadelphia and King Street Charleston, SC. Blatteis & Schnur is a fully integrated retail investment firm headquartered in Los Angeles that focuses on acquiring, developing, and managing the highest quality retail assets nationally. Assets include a range of core, core-plus, and opportunistic investments.
Blatteis & Schnur invests in and develops properties for its own account and in joint venture partnerships with institutional and high net worth investors, focusing on providing investors with solid risk-adjusted returns. Blatteis & Schnur remains focused in its endeavor to acquire the highest quality trophy retail assets nationally. Please visit our website at www.blatteisschnur.com.
About Felson Companies
Felson Companies is a privately held real estate investment company that specializes in managing multi-family residential product in supply-constrained locations. Founded in 1948, the firm began as a housing developer and has built over 2,500 housing units in the San Francisco Bay Area. Spanning three generations of the Felson Family, the company has developed apartments, condominium communities, single family homes, affordable housing, retirement communities, office buildings, and mixed-use projects. Felson Companies’ extensive development experience provides it with an in-depth, detail-oriented perspective to asset management. The sponsor currently provides asset management services to over 1,350 apartment units with a valuation at over $500M. By deploying best practices in the industry, the firm has been able to own and operate multifamily assets that residents are proud to call home while generating attractive returns to its investment partners.