A fully leased Pasadena shopping center has sold for nearly $30 million, according to commercial real estate firm Savills Studley.
The 274,000-square-foot Hastings Ranch Shopping Center at 3801 E. Foothill Blvd. – one of the largest centers in the city, according to Savills – has sold for $109.50 a square foot to Federal Realty Investment Trust, a retail-focused real estate investment trust in Rockville, Md., in an all-cash deal. The seller is Riviera Center Management Co., according to CoStar Group Inc.
Bill Bauman, executive vice president, and Kyle Miller, senior managing director, of Savills Studley arranged the deal on behalf of the seller along with Mike Grannis of Highland Partners.
According to CoStar, the center was built in 1984 and renovated in 1992. National tenants include Sears, Marshalls and CVS. The center is about a block from the 210 freeway and close to public transportation.
Federal Realty said in a statement that it “anticipates increasing the value over time through potential redevelopment and/or the re-leasing of space currently leased at below-market rents.”