Iconic Colorado Boulevard Retail

600 East Colorado Boulevard, Pasadena, CA

$11,250,000

Price

7.13%

Cap Rate

$802,503

NOI

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Overview
Cap Rate
7.13%
NOI
$802,503
Building Size
14,831 sqft
Occupancy
100%
Year Built
1932/2018
Description

Colliers Retail Capital Markets is pleased to present the opportunity to acquire the iconic Theater Artistry Building in the heart of Pasadena with frontage on Colorado Boulevard (±22,183 VPD). 600 E Colorado Blvd is fully leased to major retailers including Sweetgreen, Carbon Health, and Anytime Fitness. This is a rare opportunity to acquire a trophy retail building in a prime Los Angeles County market surrounded by well-known landmarks including the Rose Bowl and Old Pasadena.

Trophy Location
• Adjacent to Old Pasadena, a 22-block downtown historic district popular for shopping, dining, and entertainment.

• Located 2.7 miles from the famous Rose Bowl Stadium, which attracts 1.4 million visitors per year and is home to the Tournament of Roses, an annual New Year celebration

• Down the street from many local favorites, including Ice House Comedy Pasadena, the oldest comedy club in the nation, and Erewhon, an organic, gourmet grocer frequented by celebrities and locals alike

• Next door to Pasadena Playhouse, a Tony Award winning historic performing arts venue, and Urth Café, a bustling European-style Los Angeles chain

Strong Demographics
• Heavily populated area with 42,480 people living within one mile of the property and a 28.5% increase in households from 2000 to 2023

• Frontage along the heavily trafficked Colorado Boulevard that sees ±22,183 VPD and less than one mile

• Very affluent area with an average household income of $149,225 and a median home value of $1,027,333 in a three-mile radius

Secure Income Stream
• This retail building features strong tenants including Sweetgreen, Anytime Fitness, Carbon Health, and Fit Bar Superfoods Café

• Strong edge against inflation as all tenants have 3% annual increases

• Long-term tenant commitment to this location with a weighted average lease term of over 6 years

Iconic Property
• Built in 1931 as a United Artists theater, the property was a popular preview house that would show early-cut screenings of films for public feedback

• Orson Welles and Alfred Hitchcock had screened their classics here in the early 1940s

• Distinctive, art deco style building that attracts many locals

Documents
Title
600_E_Colorado_-_OM_-_FINAL_03-24.pdf
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