Pasadena, CA – May 2020, Centers Business Management (CBM) completed the sale of a four-unit retail strip center on a signalized intersection in the city of Pasadena
CBM President, Rick Rivera, recently completed the sale of a corner retail strip center at the intersection of Lake Avenue and Orange Grove Boulevard in prime Pasadena. Mr. Rivera represented both the seller and buyer in the transaction. The approximately 5,119 SQFT, four-unit neighborhood shopping center is situated on 15,682 SQFT lot amid a bustling retail trade area northeast of downtown Pasadena. Formerly managed by CBM, the well-maintained, recently remodeled shopping center is anchored by a Goodwill donations center and resale store. Additional co-tenants include Cash 1 (check cashing) and Lakeview Dental (a local area dental clinic).
“Considering recent circumstances, this was by no means an easy deal to close,” says CBM’s Rick Rivera, who acknowledges the property went into escrow prior to the current coronavirus crisis. “Two of the three current tenants were ordered closed by both state and local governments [due to COVID-19 restrictions shuttering “non-essential” businesses],” Rivera adds, underscoring some of the challenges he faced in shepherding the transaction to a successful closing.
“But that doesn’t change the fact that this is a valuable piece of real estate… A remodeled property in excellent condition, on a strong corner, surrounded by a freestanding Walgreens pharmacy, a 76 gas station, and 7-Eleven anchored strip center, all of which are thriving despite the COVID-19 pandemic” Rivera notes, adding “and while the property may not be at the height of its income-generating powers at the moment, it holds incredible potential. And always will. A fact the buyer fully recognized.”
For more information about CBM and their retail brokerage, leasing, and property management services, please contact: Rick Rivera 310.575.1517 x201 | firstname.lastname@example.org.