Anchored by long–standing tenants, such as Tiffany & Co., a 28,421 square-foot retail property is currently on the market in Old Town Pasadena. According to an offering memorandum obtained by The Registry, the property is listed with an asking price of $54.9 million, or approximately $1,934 per square foot.
Located at 64-68 Colorado Boulevard on 0.57 acres of land, the retail center, also referred to as Tiffany and Shops, is also occupied by Crate and Barrel, House of Hoops and Matcha Kone.
According to the listing by CBRE, Tiffany & Co. has just signed a ten-year lease renewal at the location. The company currently has more than 326 locations and 14,200 employees, and was purchased by its larger parent organization LVMH in January of 2021 for approximately $15.8 billion.
In addition to the 10-year lease renewal by Tiffany & Co., Crate and Barrel relocated and signed a brand new lease, which is anticipated to run at least through 2026.
“The property’s coveted location, high quality/high performing tenants and embedded value make Tiffany & Co. and Shops among the strongest high street acquisition opportunities currently available in the western US,” the offering memorandum states.
The property is located in aa prime retail section of Old Town Pasadena, with nearby tenants including Athleta, Apple, West Elm, Anthropologie and more. The property is also within close proximity to both Pasadena City College and California Institute of Technology. In addition, the property is located across the street from one of three parking structures in Old Town Pasadena.
“The area known as Old Town PasadenaPasadena is internationally known for the annual New year’s Day TournamentTournament of Roses ParadeParade attracting +1 million visitors, the Rose Bowl and the Norton Simon Museum. The area enjoys continued revitalization, with world-class shopping, dining and entertainment venues, high-rise office buildings along with higher-density mixed-use residential developments,” the offering memorandum states.
According to the property listing, the area sees more than 12,782 cars per day, with the nearby Fair Oaks Boulevard seeing more than 16,477 cars per day. Additionally, there are more than 30,400 people within a one-mile radius of property with an average household income of $115,000. The affluent Pasadena neighborhood has a median home value of $1.04 million with values growing more than 19 percent over the past year alone
CBRE did not respond in time to comment on this story.