64 Colorado

64 Colorado is an excellent urban retail asset located in the heart of one of Southern California's most sought after retail districts commonly known as "Old Town Pasadena" within the city of Pasadena, California. The property consists of a newly constructed, high-quality urban street retail building with extremely successful tenants including: Tiffany & Co., Abercrombie & Fitch, and H&M.

Buyers were concerned with the extremely high cost per square foot, which was high even in comparison to like-kind urban retail assets within the Old Town submarket. In addition, this was the first Southern California location for H&M, fueling the perception of additional risk to buyers as there was no local track record for this tenant to provide any assurance of the tenant's moving forward success. This challenge was further exacerbated as H&M did not open for business until the close of escrow.

Our team was able to identify key investors who had previously purchased property with a high price per square foot in other high profile urban-retail areas throughout the U.S. By drilling down into the buyer pool for like-kind assets nationally (and internationally), our team successfully generated a strong bidding campaign which ultimately resulted in a close of escrow with an international buyer, a record price per square foot and capitalization rate.

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