Historic Retail Complex Trades Hands

PASADENA, CA—An unnamed global investment firm has purchased The Commons, a historic 85,743-square-foot retail property in Pasadena, CA, from a joint venture between Arenda Capital Management and equity partner AEW Capital Management. The sales price is undisclosed, and was purchased in a widely marketed transaction.

The sale of the property generated high interest from local, national and foreign buyers, according to the Madison Partners brokerage team, which included Matt Case, Bob Safai and Brad Schlaak, who represented the sellers in the transaction. Arenda and AEW did a fantastic job renovating the property and bringing in a vibrant mix of retailers and restaurants,” Case tells GlobeSt.com. “The Commons is one of the premier mixed-use assets in Pasadena that will only continue to flourish in the growing economy.”