310 S Lake Ave
Pasadena, CA 91101
Walgreens on South Lake Avenue · Retail Property For Sale

High Identity South Lake Avenue Location: Situated at the hard corner of South Lake Avenue and Del Mar Street. Directly across the street from the Shops on Lake Avenue Mall, anchored by Macy’s, Trader Joe’s, and T.J.Maxx. Additional retailers along South Lake Avenue are Ann Taylor, LA Fitness, Pacific Sales, Pavilions, Pet Food Express, Pier 1 Imports, Pottery Barn Kids, Ross Dress for Less, Talbots, and Williams Sonoma. Secure & Stable Generational Asset: Long-term NNN lease with Walgreens represents 85% of the annual income. There is an additional NNN lease with Premier Dental Care Group which has been successfully operating at the property since 2013. Easily Accessible with Ample Parking: Extremely rare opportunity for investor to purchase 39,290 square feet of prime retail along South Lake Avenue in the heart of Pasadena. The parcel also includes a portion of the parking lot, and the non-exclusive use of the entire adjacent parking lot managed by the city of Pasadena. Regional Retail Destination: The South Lake Avenue corridor consists of 12 blocks of shopping and dining that includes over 600 businesses that draws from the region, including nearby cities of Arcadia, Eagle Rock, La Canada Flintridge, South Pasadena, and San Marino. Affluent, San Gabriel Valley Demographics: $117,600 AHHI with 38% of households averaging $100,000 or more within a 3-mile radius. Dense, Infill, Urban Location: 560,900 people within a 5-mile radius of the property. High Store Sales Volumes along South Lake Avenue: Tenants such as Williams-Sonoma, Talbots, Pacific Sales, Corner Bakery, and Ross Dress for Less rank among the highest sales volumes for their respective chains. One of Southern California’s Most Walkable and Desirable Cities: South Lake Avenue has an incredible 94 out of 100 Walk Score, calling it a “Walker’s Paradise” due to the proximity in all ranking categories including: dining, groceries, shopping, errands, parks, schools, culture, and entertainment. Dynamic Office Market: Highly educated population with 64% of residents within 1 mile with a bachelor’s degree or higher and 7.7 million square feet of Class A office that continues to draw employers to Pasadena, creating office demand. Transit Oriented Investment: Located less than 1 mile from the Metro Gold Line stations at Lake Station and Del Mar Station, connecting Pasadena to Downtown Los Angeles, San Fernando Valley, San Gabriel Valley, Santa Monica/West Side, the South Bay, Downtown Long Beach, and East Los Angeles. The Metro Gold Line boasts over 50,000 daily riders per weekday and 34,000 daily riders on the weekends. Hub of Employment and Education: Pasadena is home to top employers including Kaiser, Parsons, and Nasa Jet Propulsion Laboratory (JPL). Nearby colleges include Caltech, Pasadena City College, Occidental College, and ArtCenter College of Design.