The Theatre Artistry Building, a freestanding retail property located at 600 E. Colorado Blvd. in Pasadena, has just been sold for $11.5 million. This sale price represents a slight increase from the initial listing price of $11.25 million, according to sources familiar with retail sales in this region, translating to approximately $775 per square foot for the 14,831-square-foot property.
The Theater Artistry Building is a two-story, Class B retail property originally constructed in 1932, with the most recent renovation completed in 2018. The building is fully leased to a number of tenants, including Anytime Fitness, Carbon Health, and Sweetgreen. The marketing materials show that the current net operating income is just above $802,000 per year, and the cap rate is currently 7.13 percent. The property also offers 87 parking spaces.
The marketing of the property was led by the Colliers’ Retail Capital Markets team of Caitlin Zirpolo, El Warner and Alyssa Mera along with Adam Tischer, senior vice president in the company’s Los Angeles office. The property was sold by an entity that shares an address with Continental Development Group, which acquired it in 2018 for $5.3 million, or about $357 per square foot.
The property’s location on Colorado Boulevard offers access to many cultural and arts activities within the Playhouse Village as well as other retail and dining venues in the neighboring Old Pasadena. Some of the other major retailers in the area include Starbucks, US Bank, Fleming’s and others. Other well-known landmarks in the area also include the Rose Bowl and the Pasadena Playhouse.
The sale of the Theatre Artistry Building highlights the resilience of Pasadena’s retail market despite broader challenges in Los Angeles County. While the county has seen increased vacancy rates and rising rental costs, Pasadena continues to attract investment interest, as evidenced by this transaction. The building’s location near cultural and retail attractions, including the Pasadena Playhouse and Old Pasadena, further underscores its appeal to investors.
