Lee & Associates Pasadena

Our very own and rolling with Gracie Jiu Jitsu in () and working the mats!

𝐉𝐔𝐒𝐓 𝐋𝐈𝐒𝐓𝐄𝐃 | Atwater Village
3119 Glendale Blvd. | For Sale
Two-Unit Retail Building For Sale in Atwater Village
Asking Price: $1,900,000
±1,565 SF | Built in 1947
NNN Investment Sale Leaseback or Owner User Opportunity

Lee & Associates - Pasadena is pleased to present 3119 Glendale Blvd., in Atwater Village for sale! This two-unit retail building sits in an exceptional location in the heart of Atwater Village. Easy access to the 5, 2, 134 and 110 freeways. Atwater Village attracts a diverse and affluent clientele, ideal for retail and commercial ventures. This property is surrounded by a vibrant mix of local businesses, eateries and cultural attractions!

→ Lee-Pasadena.com
-
Contact Listing Agents for More Information:
• [email protected] | 626.240.2773
• [email protected] | 626.240.2774

𝐉𝐔𝐒𝐓 𝐋𝐈𝐒𝐓𝐄𝐃 | Covina
642 S 2nd Ave. | For Sale
RARE Owner-User Sale Opportunity in Covina
Asking Price: $1,292,000
$380 Price Per SF | ±3,400 SF | ±7,579 Lot
Office and Medical Use

Lee & Associates - Pasadena is pleased to present 642 S 2nd Ave in Covina for sale! This single-story owner-user office building is zoned for professional office, medical and dental use. Multi-tenant building can be delivered vacant. Currently leased to two tenants at 450 SF each, month-to-month. Well-maintained with great curb appeal and more!

→ Lee-Pasadena.com
-
Contact Listing Agents for More Information:
• [email protected] | 626.240.2788
• [email protected] | 626.240.2786

𝐉𝐔𝐒𝐓 𝐋𝐈𝐒𝐓𝐄𝐃 | Pasadena
133 S Hudson Ave. | For Lease
Boutique Medical Office Space with Ample Parking Lot
Asking Lease Rate: $3.00/SF/Month MG
±900 SF | Built in 1956 | Negotiable Terms

Lee & Associates - Pasadena is pleased to present 133 S. Hudson Avenue in Pasadena for lease! This property consists of 900 SF, four private offices, two restrooms, kitchen, new luxury vinyl plank flooring and more!

→ Lee-Pasadena.com
-
Contact Listing Agent for More Information:
• [email protected] | 626.240.2773

Check out our MonthLee Transactions for May 2024 from Lee & Associates - Pasadena! Link in bio for full Press Release!

- Christopher Larimore, Vincent Molitor and Jamie Harrison represented the seller and buyer for an investment property on 560-588 North Diamond Bar Boulevard in Diamond Bar, for $3,100,000.

- John Berger and Trevor Gleason represented the seller for 160 acres of land on 1351 West Avenue E and Vic Avenue D8 10 St W in Lancaster for $8,950,000.

- Robert Leveen represented the seller of a 5 unit multi-family property at 645 South Eremland Drive in Covina at the list price of $1,525,000.

- Gregory Kho represented the landlord for an office space with 4,200 square feet, on 932 Wilson Street in Los Angeles.

Lee & Associates - Pasadena proudly presents the Top Producers for May 2024! Great job team and congratulations!

Just Sold in Diamond Bar!!
AGENTS: Christopher Larimore, Vincent Molitor, & Jamie Harrison
REPRESENTATION: Buyer and Seller
ADDRESS: 560-588 N. Diamond Bar Blvd
LOCATION: Excellent location off 57 and 60 Freeway.

TRANSACTION DETAILS: Property went under contract at $3.1 Million. Seller gave buyer a credit in the amount of $100K towards deferred maintenance at the close of escrow. Seller owned the property for over 40 years, moved out of state several years ago and decided it was time to sell the asset. Buyer was a local owner that was looking for a value-add property in Diamond bar as a long term hold.

"In a dynamic market where interest rates have increased by over 5% since reaching a historic low in March 2020 of around 0.25%, it has become crucial for sellers and their agents to assess their position carefully and make necessary adjustments to maintain competitiveness in the market."
-Jamie Harrison, Founding Principal

"The investors purchased this property with deferred maintenance understanding it’s excellent position in Diamond Bar and the appeal to small tenant users, which will create much more value once property improvements are completed."
-Christopher Larimore, Founding Principal

*Link in bio for full Press Release

They say that "What happens in Las Vegas, stays in Las Vegas". But with the of that occurred over the last few days, we're definitely bringing all of that back home with us.

Memorial Day is a time to remember and honor those who have made the ultimate sacrifice for our freedom as Americans.

Representing the landlord for 1038 E. Walnut St., in Pasadena, this corner retail standalone building with ±1,610 SF was leased by Mauricio Olaiz and Gregory Kho, of Lee & Associates - Pasadena. Congratulations!

𝐉𝐔𝐒𝐓 𝐋𝐈𝐒𝐓𝐄𝐃 | Altadena
2180-2220 N. Lincoln Ave. | For Sale
24 Hour Fitness Anchored | Altadena's Lincoln Crossing
$19,450,000 | $354.33 Price/SF | ±54,892 SF Rentable Area

Lee & Associates - Pasadena has been retained by the owner as the exclusive marketing advisor for the disposition of the multi-tenant mixed-use buildings, The Lincoln Crossing, located at 2180-2220 Lincoln Ave, Altadena, CA 91001. The property consists of two separate buildings totaling 54,892 rentable square feet on a single parcel of land totaling approximately 2.22 acres. The combined occupancy for the entire development is 93%, consisting of thirteen (13) tenants. There are two (2) vacant suites comprising 7% or approximately 3,975 SF.

→ Lee-Pasadena.com
-
Contact Listing Agents for More Information:
• [email protected] | 626.240.2773
• [email protected] | 626.240.2784
• [email protected] | 626.240.2785

𝐉𝐔𝐒𝐓 𝐋𝐈𝐒𝐓𝐄𝐃 | Pasadena
510 & 514B N Lake Ave. | For Lease
Standalone Buildings with Parking on Lake Ave
Asking Lease Rate: $2.00/SF/Month NNN
510 N Lake Ave: ±2,871 SF | 514B N Lake Ave: ±2,226 SF

Lee & Associates - Pasadena is pleased to present 510 & 514B N. Lake Ave in Pasadena for lease! This property consists of 5,097 SF of contiguous standalone buildings, a former gym that boasts a 13'6" ceiling, 4 restrooms (2 each unit), HVAC and more!

→ Lee-Pasadena.com
-
Contact Listing Agents for More Information:
• [email protected] | 626.240.2773
• [email protected] | 626.240.2779

Check out our MonthLee Transactions for April 2024 from Lee & Associates - Pasadena! View our News Page at lee-pasadena.com for details!

𝐉𝐔𝐒𝐓 𝐋𝐈𝐒𝐓𝐄𝐃 | Pasadena
2151 E. Colorado Blvd | For Lease
RARE AUTO PROPERTY | Owner User Opportunity
Asking Lease Rate: Contact Listing Agents

Lee & Associates - Pasadena is pleased to present 2151 E. Colorado Blvd., Pasadena, for lease! With a total lot size of approximately 13,579 SF, this property has various auto uses allowed, single-tenant or multi-tenant, 7 total auto bays.
Centrally located in the heart of Pasadena!

→ Lee-Pasadena.com
-
Contact Listing Agent for More Information:
• [email protected] | 626.240.2780
• [email protected] | 626.240.2773

Representing the landlord and tenant, 2208 Lincoln Ave, a retail space with ±1,150 SF, in Altadena was leased by Elliott Gallahan, Mauricio Olaiz, Trevor Gleason and Brendon Shoemake, of Lee & Associates - Pasadena. Congratulations!

We are excited to announce that Suite B at 537 New Los Angeles Ave, in Moorpark was just leased by Elliott Gallahan, Senior Associate at Lee & Associates - Pasadena. Congratulations!

Lee & Associates - Pasadena is proud to announce the sale of 645 S. Eremland Dr., in Covina! Representing the seller, this property was sold by Robert Leveen at List Price for $1,525,000. Congratulations!

𝐉𝐔𝐒𝐓 𝐋𝐈𝐒𝐓𝐄𝐃 | Los Angeles
1300 E. Imperial Hwy & 11614 Slater St. | For Sale or For Lease
Private Lender REO | Seller Financing Available
$685,000 | $54.02 Price/SF | ±12,681 Total SF
Asking Lease Rate: $0.40 per SF per Month

Lee & Associates - Pasadena is pleased to present 1300 E. Imperial Hwy & 11614 Slater St., Los Angeles, for sale or for lease! With a total size of approximately 12,681 SF, this property is ideal for Contractor Parking, Excess Storage, etc. Potential redevelopment with electricity on site, and easy access to the 105 freeway. Seller financing available!

→ Lee-Pasadena.com
-
Contact Listing Agent for More Information:
• [email protected] | 213.995.6684

Lee & Associates - Pasadena proudly presents the Top Producers for April 2024! Great job team and congratulations!

RETAIL MARKET OVERVIEW
In the first quarter of 2024, the retail landscape of North Orange County has continued to perform well, marked by an increase in average annual rental rates, rising to approximately $30/SF. There was a marginal increase in vacancy rates to 3.9%, but it is noted that over the preceding 12 months vacancy rates have predominantly hovered around 3.65%. The realm of sales volumes has witnessed a downturn during Q1 2024, primarily attributed to the conditions of heightened interest rates and market ambiguity. Stagnated sale volumes may linger with stubborn inflationary pressures that have possibly dissuaded a case for the Federal Reserve to cut rates in June.
-CHRISTOPHER MANASSERO, Senior Associate

OFFICE MARKET OVERVIEW
The North Orange County office market saw a slight uptick in vacancy rates, moving from 5.4% in Q4 2023 to 6.1% in Q1 2024, while maintaining a nearly consistent average asking rental rate. Notably, Q1 2024 boasted 70 closed lease deals, which increased from the 45 deals closed in Q4 2023. Moreover, owner-user sales have garnered more transaction volume compared to office investment sales because of heightened interest rates and vacancy concerns.
-CHRISTOPHER MANASSERO, Senior Associate

RETAIL MARKET OVERVIEW
The retail vacancy rate in the Tri-Cities of Los Angeles decreased to 3.1% while the national average is 4.6%, the lowest level since 2007. Low supply and high demand from tenants primarily in urban areas where office workers contribute to a significant portion of foot traffic for nearby retail services such as restaurants, cafes, and convenience stores fuel leasing activity. The challenges continue for traditional retail boxes; however, vacant or underutilized retail spaces are being repurposed to various uses including residential, offices, community centers, recreation and entertainment.
-JODI SHOEMAKE, Founding Principal

OFFICE MARKET OVERVIEW
The Class A office market in the Tri-Cities submarket has not bounced back to pre-pandemic levels. Q1 2024 failed to close any sales due in large part to high interest rates, inflation and vacancy. Vacancy continues to increase in this submarket to 25.1%, due in part to Class A rental rates being higher than other class buildings, and 355,000 SF has been added to the inventory with another 100,000 SF to go, keeping high vacancy and negative net absorption numbers. 32 lease deals closed of which five were subleases, resulting in the lowest volume per quarter in 10 years at 53,949 SF leased. Rental rates have held relatively steady post-pandemic at $3.67 PSF.
-CHRISTOPHER LARIMORE, Founding Principal

MULTIFAMILY MARKET OVERVIEW
As of this writing the 10 Year Treasury Note is 4.40%. The most recent jobs report exceeded expectations, inflation is not at the targeted 2%; therefore the assumption the Federal Reserve would cut interest rates in the next few months is no longer a guarantee. The underlying investment driver in the Los Angeles MSA still exists which is an overall
housing shortage. Regardless of the uptick in new multi-family deliveries over the last few years, higher interest rates and construction costs has slowed down the pace of new development. Further, many investors are waiting until after the election to pursue new acquisitions.
-ROBERT LEVEEN, Senior Vice President

Representing the landlord, 218 West Palm Ave, an industrial space with ±3,131 SF, in Burbank was leased by Mauricio Olaiz and John Berger, Lee & Associates - Pasadena. Congratulations!

OFFICE MARKET OVERVIEW
San Gabriel Valley has a mature suburban office market with stable leasing activity. Tracking office buildings 5,000 SF and larger, Q1 2024 leasing activity has increased to its YOY level of 127 closed deals. This is a 14% increase in activity from last quarter. Asking rental rates have completely flatlined for 5 quarters with landlords not lowering rates much and still experiencing a downward trajectory of vacancy at 6.9%. Overall this submarket had a positive net absorption of 34,707 SF. With increased interest rates and inflation, sales activity was the lowest it has been in 10 years with only $8,755,000 of volume from four closed sales.
-CHRISTOPHER LARIMORE, Founding Principal

MULTIFAMILY MARKET OVERVIEW
As of this writing the 10 Year Treasury Note is 4.40%. The most recent jobs report exceeded expectations, inflation is not at the targeted 2%; therefore the assumption the Federal Reserve would cut interest rates in the next few months is no longer a guarantee. The underlying investment driver in the Los Angeles MSA still exists which is an overall housing shortage. Regardless of the uptick in new multi-family deliveries over the last few years, higher interest rates and construction costs has slowed down the pace of new development. Further, many investors are waiting until after the election to pursue new acquisitions.
-ROBERT LEVEEN, Senior Vice President

OFFICE MARKET OVERVIEW
The Mid-Cities office market in Los Angeles County continues to perform better than the larger LA metro area, however it is showing signs of deceleration in Q1 2024. The quarter ended with a slightly negative net absorption amount of 732 SF, and a 2% decrease in asking rental rates. The vacancy rate flatlined at 4.6%, well below the Greater LA average of 16.1%. Only one sale closed this quarter to an owner-user with a 7% discount in price at $269 PSF. With buyers in the market looking for good value, this submarket offers affordable prices close to Downtown LA.
-CHRISTOPHER LARIMORE, Founding Principal

Lee & Associates – Pasadena is pleased to present for lease 14650 Pacific Ave, in Baldwin Park. Listed by Christopher Larimore and Vincent Molitor. This medical/office building has ±3,400 SF available for lease with a rental rate of $2.25 /PSF/MG/Month.

𝐉𝐔𝐒𝐓 𝐋𝐈𝐒𝐓𝐄𝐃 | Pomona
878-898 N. Garey Ave | Investor, Owner User and Development Opportunity
$1,055,000 | ±6,484 SF | ±23,806 SF Lot

Lee & Associates - Pasadena is pleased to present a unique opportunity to acquire a mixed-use office building perfect for an owner user or investor. Located at 878-898 N. Garey Ave., the office building consists of approximately 6,484 SF. The entire property is situated over an approximately .54 Acre (23,806 SF) of land. All leases are month to month making this an Ideal opportunity for an office user looking to occupy all or a portion of the office building. An investor could also renovate the iconic building for a perfect value add play with huge upside.

→ Lee-Pasadena.com
-
Contact Listing Agents for More Information:
• [email protected] | 626.240.2773
• [email protected] | 626.240.2779