Project Description

Bob Safai Sells Pasadena Retail and Office Complex

Pasadena, CA December 9, 2014: Madison Partners is pleased to announce the sale of The Commons, widely considered one of Pasadena’s most recognizable commercial buildings. Totaling 85,743 rentable square feet, the property was sold by Arenda Capital Management with joint venture equity partner AEW Capital Management.

The buyer, a global investment management firm, has plans to further enhance value and hold the property long term. Originally purchased in late 2011 by Arenda Capital and AEW, the partnership curated an exciting retail tenant mix including Drybar, Soul Cycle, and Lemonade surrounding the beautifully renovated outdoor garden and historic Williams Sonoma building. Other tenants include Green Street Café, The Counter, 18/8, and Seco New American.

The property is one of the most popular destinations on South Lake, and benefits greatly from the affluent demographics of the trade area. Stretching along South Lake Avenue from Colorado Boulevard to California Boulevard, the South Lake district is one of the most recognized retail and office destinations in the area, and features a diverse mix of class A office space, retail, restaurant and entertainment amenities.

Bob Safai, Matt Case, and Brad Schlaak of Madison Partners represented the seller, in the widely marketed offering of the property, which garnered extremely strong interest from local, national and foreign buyers.