OPC sourced and formed a joint venture with a local retail owner/operator and a capital provider to acquire a non-performing senior mortgage secured by the ground floor retail property located at the hard corner of South Lake and Cordova, a heavily trafficked intersection in Pasadena, California. The partnership took title in 21 days and completed cosmetic improvements, installed automated parking equipment, extended tenant leases and leased up the remaining vacant space. JV sold the Property 22 months after acquisition at an approximate 2x equity multiple.
Pasadena Collection - South Lake Blvd. / Colorado Blvd.
21K sf (9 tenant spaces)
21K sf (8 offices)
42K sf (38 residential loft condos)
220 spaces (121 allocated for retail)
Enhance street appeal and parking / Lease-Up / Stabilize / Sold
Realized - Deal Returns (22 mo. hold)