Historic Pasadena Movie Theater Building Sells for $11.5 Million

An historic building in Pasadena has been reported sold for $11.5 million, surpassing its initial listing price by $250,000. The 14,831-square-foot Theatre Artistry Building, a two-story Class B retail structure at 600 E. Colorado Boulevard, was originally constructed in 1932 and renovated in 2018. 

Colliers’ Retail Capital Markets team, led by Caitlin Zirpolo, El Warner, and Alyssa Mera, managed the sale. 

The seller had acquired the property in 2018 for $5.3 million, or about $357 per square foot. The sale price represents more than doubling its value in six years, despite broader challenges in the Los Angeles County retail market.

Located in Pasadena’s Playhouse Village, the Theatre Artistry Building benefits from its proximity to cultural attractions and popular retail destinations, including the Pasadena Playhouse and Old Pasadena. 

The property also offers 87 parking spaces and is situated near major retailers such as Starbucks, U.S. Bank, and Fleming’s.

A historic building in Pasadena has changed hands for $11.5 million, surpassing its initial listing price and underscoring the resilience of the city’s retail market. The Theatre Artistry Building, a two-story, freestanding Class B retail structure on Colorado Boulevard, was sold for  $11.5 million – $250,000 more than its asking price.

The 14,831-square-foot property, originally constructed in 1932 and renovated in 2018, is fully leased to tenants including Anytime Fitness, Carbon Health, and Sweetgreen. According to marketing materials, the building generates an annual net operating income of just over $802,000, with a capitalization rate of 7.13 percent

Colliers’ Retail Capital Markets team, led by Caitlin Zirpolo, El Warner, and Alyssa Mera, handled the sale. The seller had acquired the property in 2018 for $5.3 million, or about $357 per square foot.

The sale price represents a significant return on investment for the previous owner, more than doubling its value in six years. This appreciation comes despite broader challenges facing the Los Angeles County retail market, including increased vacancy rates and rising rental costs. 

Located in Pasadena’s Playhouse Village, the Theatre Artistry Building benefits from its proximity to cultural attractions and popular retail destinations. The area is home to the Pasadena Playhouse and numerous dining and shopping options in nearby Old Pasadena.

The property’s prime location on Colorado Boulevard places it near other major retailers such as Starbucks, U.S. Bank, and Fleming’s. It also offers 87 parking spaces, a valuable asset in the bustling commercial district.