Blackstone buys Pasadena mall for $200m
The Blackstone Group has purchased the One Colorado Shopping Center in Pasadena, Calif., for more than $200 million. The seller was Trident Capital Group.
The outdoor mall occupies a full city block located between Colorado, Union, Delacey and Fair Oaks and totals more than 260,619 square feet. It is acollection of 17 historic buildings with a variety of retailers, restaurants and a cinema. Major tenants include Gap, J Crew, Crate & Barrel, Kate Spade New York, Nike, and Sephora.
The Los Angeles retail sector recorded a 5 percent decline in sales volume during 2015, according to Real Capital Analytics. 2015 retail property sales totaled more than $5.56 billion, a decrease compared to the $5.8 billion 2014 year-end total. However, Los Angeles continued to hold its second place spot in the top 40 retail markets of 2015, following Manhattan.
During 2015 each quarter averaged more than $1.4 billion in sales. The pace of investment in the sector