Newmark arranged the sale of The Chamber of Commerce Building, a circa-1904 office property located at 117 E. Colorado Blvd. in Pasadena, to a partnership led by Pasadena-based investor Pete Kutzer and his company, Edgewood Realty Partners. L.A. Business First reported the sale price was believed to be north of $27 million. The 84% leased property totals 82,025 square feet and includes an adjacent standalone parking structure.
A Newmark team of Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Rob Hannan, Ken White, Laura Stumm and Michael Moll represented the undisclosed seller.
“The Chamber Building attracted strong investor interest largely due to its stable profile as being at least 90% leased over the past 10 years,” said Shannon. “Complemented by the durable and substantial income driven by its parking operation and its Colorado frontage retail, the property generated strong appeal from both a local and national pool of investors.”
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