$34M Takes 200 S Los Robles Ave.

PASADENA, CA-American Realty Advisors of Glendale has acquired the 130,818-sf 200 S. Robles Ave. office building from Atlanta-based VEF Advisors.

Jeff Cole and Rick Putnam of Trammell Crow Co. represented both sides of the transaction, with assistance from CB Richard Ellis leasing broker Carlton Maese. Terms of the sale were not disclosed, but industry sources tell GlobeSt.com they believe the purchase price was approximately $34 million. The 200 S. Robles property is a six-story, class A building that was 85% occupied at the time of the sale.

The purchase presents “good rent upside potential upon renewals,” according to American, which bought the building on behalf of one of its pension fund clients. The property occupies the southeast corner of South Los Robles Avenue and Cordova Street, within walking distance or a short drive to local businesses, hotels, banks and services, as well as to restaurants, shopping and entertainment centers.

Stanley L. Iezman, president and CEO of American, says the asset was attractive, among other reasons, because the Tri-Cities submarket of Pasadena “is emerging as a premier area for entertainment, finance, and professional services” that is generating strong tenant demand and job growth.

Seller VEF Advisors LLC is a privately held real estate investment and management company and now is an affiliate of New York-based Apollo Real Estate Advisors, that focuses on value-added transactions.

The 200 S. Los Robles property was one of two six-story class A office buildings to sell recently in the Tri-Cities area. The other was the 90,000-sf Burbank Airport Center building at 2550 N. Hollywood Way in Burbank, which LaeRoc Partners Inc. bought from Mentone Capital LLC.