Value-Add Shopping Center Redevelopment Opportunity

INVESTMENT OVERVIEW

Essential CRE is pleased to present the opportunity to acquire the fee simple interest or joint-venture redevelop the Hastings Ranch Marketplace located in the foothills of Pasadena, CA. The subject property is 83,451 square feet, resides on 4.59 acres of land (one parcel) and is divided up between four buildings; a grocery anchor building with inline retail (58,939 SF), two strip center pads (6,419 SF & 12,629 SF) and a restaurant (5,464 SF). Hastings Ranch Marketplace presents a savvy investor with a lucrative opportunity to reposition and redevelop the existing footprint with a new grocery anchor, inline and strip center pad retail, medical and potentially mixed-use residential. Hastings Ranch Marketplace is situated in strong demographic submarket of Pasadena with excellent exposure and access on a signalized intersection. The immediate trade area, with high average household income, has limited competition and in need of a wide spectrum of retail and medical services. The city of Pasadena has an aggressive housing elements requirement and is actively seeking new medium-high density residential development sites to meet housing needs.

MARKET OVERVIEW

The City of Pasadena is centrally located between Glendale and Arcadia in Los Angeles County, adjacent to Southern California’s growing San Gabriel Valley region. Pasadena lies approximately seven miles east of Glendale and 12 miles northeast of Downtown Los Angeles. The City spans 23.1 square miles and together with Glendale and Burbank forms the Tri-Cities retail market. Pasadena represents Los Angeles County’s ninth-largest city and offers residents a high quality of life with a low crime rate, excellent schools, and plenty of local entertainment and events. Due to its proximity to the City of Los Angeles and I-210, Pasadena serves as an ideal location for retail businesses. The famous Old Pasadena historic district serves as a walkable commercial hub that attracts residents and tourists alike, particularly during the annual Tournament of Roses parade and Rose Bowl Game. Other popular attractions include the Huntington Library, Art Museum and Botanical Gardens and Santa Anita Park in adjacent Arcadia.
Hastings Ranch is a neighborhood located in the northeastern part of Pasadena, California. It is known for its suburban charm, tree-lined streets, and strong sense of community. The neighborhood consists mainly of single-family homes, many of which reflect mid-century architectural styles. It is known for its well-maintained properties and quiet, family-friendly atmosphere. The area is served by several schools, including Hastings Ranch Elementary School and other public and private institutions in the Pasadena Unified School District. Hastings Ranch is conveniently located near major freeways, making it easy to access other parts of Pasadena and the greater Los Angeles area. Hastings Ranch has a diverse population with a mix of families, professionals, and retirees.