Pasadena Chamber member Pacific Starr Group, Inc. announced today the sale of one of the tallest buildings in Pasadena, a Class A, high rise office tower and additional land consisting of a unique, large 3.73 acre transit oriented, urban infill mixed-use development site immediately adjacent to a Gold Line Station located in Pasadena, California, the “Beverly Hills City of San Gabriel Valley” with many international companies and tourists. It is now a city for Asians seeking an American lifestyle with some Chinese characteristics. The offering was highly competitive with 20 offers from private and institutional capital and domestic and international bidders, with 9 from Asia.
The Seller is an affiliate of Pacific Starr Group, LLC (www.pacificstarrgroup.com), a twenty year old private real estate investment firm founded by entrepreneurs, John F. Pipia and Betty W. Ma, a Chinese American woman. Pacific Starr has previously purchased, managed and sold multiple properties throughout California including its interest in a 503 room Hyatt Regency hotel in Northern California and multiple office and industrial properties in Southern California. The sales price was approximately $44.55 million and the Buyer, who wished to remain anonymous, was a wealthy Chinese investor with businesses throughout the world. CBRE represented the Seller, Gateway Metro Center, LLC. This sale represented the 11th building sold by Pacific Starr, and the sale was the second largest in Pasadena in 2015.
The site includes an 11-story, 121,590 square foot Class A office tower and additional land. Pasadena’s General Plan provides for mixed use and the possible development of up to an additional 365,640 square feet of commercial/retail space or as many as 324 additional residential units. The Buyer is considering various alternatives including repositioning the building and developing an integrated, mixed-use project.
Pacific Starr Group Press Release
With the recovery of the U.S. real estate economy, Pasadena is seeing much interest from Asia to invest in business opportunities; including real estate investments. The property is located adjacent to and has frontage on the 210 Freeway and is less than one block from the Sierra Madre Villa Metro Gold Line Station and two freeway on and off ramps. It sits across the street from the Hastings Ranch Village, a very successful retail center for shopping, and is within easy walking distance of numerous retailers and over 50 restaurants. There are a number of multimillion dollar homes close by.
The brokers representing the Seller in the transaction included the team of Mike Longo, Laurie Lustig-Bower, Kamran Paydar, Kevin Shannon, Ken White, Kevin Duffy and Natalie Bazarevitsch. The success of this transition blended all the best of the East and West and shows how cooperation and teamwork among all cultures can bring financial rewards to all.