Cleeman Realty Group is pleased to announce the $11,500,000 sale of a free-standing NNN retail property leased to Office Depot in Pasadena, CA. The property sold for one of the lowest cap rates ever paid for an Office Depot property in the country due to it’s prime location on one of the busiest retail hubs in Pasadena, CA. The Office Depot located at 1130 East Colorado Blvd is 24,076 SF on a 1.38 acre parcel. Nearby retailers include Target, McDonald’s, Pep Boys, Rite Aid & Michaels.
Olivia Faria and Michael Cleeman represented the seller in the transaction.
"the seller was looking to dispose of their assets on the West Coast and they were able to turnaround a quick profit on the asset after just a two year hold period. The buyer saw the long term appreciation potential of owning a prime piece of property in the Pasadena market" said Cleeman
Cleeman Realty Group is a full-service real estate advisory and investment group, specializing in the investment sales of retail, multifamily and industrial properties throughout the United States. Based in New York, the Cleeman Team utilizes deeply rooted industry contacts to identify and evaluate off-market transactions with unparalleled efficiency. To sell your property or to inquire about our available acquisition opportunities, contact our team at cleeman.com.