Los Angeles – October 26, 2016 – CBRE Group, Inc. announced the sale of the mixed-use retail site Shops on Hill in Pasadena, California, to Shops on Hill, LLC, an entity controlled by Engine Real Estate, for approximately $13.4 million.
CBRE’S Ken McLeod, Alex Vasquez, and Tim Kuruzar represented the seller, Greenbridge Investment Partners, Inc. and the buyer in this transaction.
Shops on Hill, located at 1383 Washington Boulevard, features two buildings on opposite corners of the intersection of E Washington Boulevard and N Hill Avenue that total approximately 32,685 square feet. The property contains twelve single apartments on the second floor and retail spaces on the ground level. Shops on Hill, which resembles the neighborhood’s unique historical architectural, benefits from its surrounding demographics as it provides a convenient shopping experience for neighborhood residents and is a regional draw for shoppers looking for boutique stores and services.
“Shops on Hill provides a unique opportunity to acquire two corners at a pivotal intersection,” said Vasquez. “With its attractive, vintage brick façade architecture and location, Shops on Hill has unparalleled visibility.”
The Greater Los Angeles retail market remained one of the most active in the country in the third quarter, buoyed by strong tourism paired with a diverse and well-compensated employment base, according to CBRE’s third-quarter research. Los Angeles retail showed very few signs of recess with its enticing quality to attract retail tenants. The Greater Los Angeles region is a prime market for flagship retail locations. As retailers continue to grow their online and brick and mortar presences, many retailers are focusing on locations in densely populated areas and smaller store design in neighboring markets.
“Shops on Hill is an example of an e-commerce resistant retail center,” said McLeod. “It mostly features daily-need shops and other retail services that have proven irreplaceable.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
