Singpoli Group, an Arcadia-based investor and developer, has bought a 1.6–acre parcel in Pasadena with plans to develop either a hotel or a mixed-use building.
Singpoli bought the 70,000-square-foot property at 83 N. Lake Ave., which is currently occupied by a retail center, for just over $11 million from Lake/Union Ltd., said Cushman & Wakefield Executive Director Steve Marcussen, who represented Singpoli in the deal.
One of the last large sites on Lake Avenue that could be bought, the property has plenty of advantages surrounding it, Marcussen said, such as new residential developments bringing in new restaurants and retail, nearby public transportation, office buildings and a business improvement district. The Gold Line light rail station is up the street at 340 N. Lake Ave.
“Singpoli wants to buy assets where they can add value,” Marcussen said. “This looked like a very good opportunity.”
Due to a variety of zoning for the parcel and surrounding properties, Singpoli will have to get its direction as to what can be built there from the city, he added. That means approvals for development may take between three and four years, Marcussen said.