Lake Ave. Stores in Pasadena Up for Sale

One of Pasadena’s retail gems, The Lake Avenue Shops, has been put on the block for $15.5 million, said Irvine, Calif.–based broker Hanley Investment Group Real Estate Advisors, which is handling the sale.

The 25,000-square-foot center is home to Ann Taylor, Pottery Barn Kids and Talbots. It is adjacent to the Shops on Lake, which is anchored by Macy’s, and across from Madre’s restaurant, which is owned by Jennifer Lopez.

The Lake Shops is 100 percent leased and garners sales of $635 per square foot. The average household income in the immediate area is $90,000, according to the broker. Rents are currently priced 30 percent below market price, according to real estate listing database LoopNet.

The shopping center will also benefit from the city of Pasadena’s $2.6 million streetscape-improvement program on South Lake Avenue, which will include new landscaping, benches, pedestrian lighting, trash receptacles and improved retail storefronts. It is also one of the few centers in the area where parking is located directly behind the stores. —Robert McAllister