A flagship Whole Foods store at 465 S Arroyo Blvd. in Pasadena has been listed for $75.7 million, or roughly $982 per square foot. The 77,046-square-foot property on 1.21 acres generates $3.785 million in net operating income, reflecting a 5 percent capitalization rate. Built in 2007, the single-tenant retail asset operates under a triple-net lease structure with approximately 12.5 years remaining on the current term. Newmark Pacific Retail Capital Markets Team is representing the seller in what marks the property’s return to market after a previous 2023 listing.
Public records show that the site was last sold in 2019 for $105 million, or approximately $1,362 per square foot. At that time, the property was acquired by Edgewood Realty Partners, a Los Angeles-based investment firm, according to public records.
According to the marketing brochure, the Whole Foods location features purpose-built improvements including dedicated loading docks designed for high-volume distribution operations. The property includes 275 on-site parking stalls across multiple levels and serves as a major distribution point for the retailer’s regional operations. The current lease includes scheduled rental increases of 8 percent in 2027, followed by three additional five-year renewal options with 10 percent escalations. Brokers underline that Whole Foods has maintained operations at this location for nearly two decades, establishing the site as a cornerstone retail presence in the market.
Located in central Pasadena near Old Town, the property serves a dense demographic base of nearly 200,000 residents within three miles, with average household incomes of approximately $160,000, according to data cited in the brochure. The surrounding Tri-Cities area maintains a diverse economy anchored by professional services, healthcare, and technology sectors. The site sits adjacent to 555 Arroyo, a mixed-use development housing a 185,000-square-foot senior living facility and 135,000-square-foot medical office building. Based on the listing, land constraints and high development costs in the area create significant barriers for competing large-format retail development. Marketing materials also highlight potential for continued tenant stability driven by growing demand for distribution-capable retail locations supporting online grocery delivery services. The property’s infill location and existing infrastructure position it as an important asset for last-mile delivery operations in the densely populated San Gabriel Valley market.
Newmark’s Bill Bauman and Kyle Miller are handling the listing.
Recent industry data shows that LA County’s retail market is cooling, with sales and leasing momentum slowing and rents slipping in Q2 2025. The vacancy rate held at 6.2 percent quarter-over-quarter, up 50 basis points from Q2 2024. As reported by The Registry, the slow pace of improvement underscores how far the market still has to go to return to pre-pandemic norms. Average asking rents for direct space declined again—down 3.6 percent quarter-over-quarter and 4.6 percent year-over-year to $3.04 per square foot, triple net. Leasing activity also softened, with just under 1.3 million square feet leased in Q2, representing a 25.2 percent drop from Q1 2025.
