Marcus & Millichap Brokers $22 Million Sale of 50-Unit Mixed-Use Pasadena Building

A five-story mixed-use building in Pasadena’s urban core has sold for $22 million, according to a Marcus & Millichap press release published via Yield PRO.

The property at 119 S. Los Robles Ave. has 50 residential units and about 3,700 square feet of ground-floor retail. 

Tony Azzi and Rabbie Banafsheha of the Azzi Group of Marcus & Millichap represented the seller, MLT VII LLC, according to the announcement. Azzi and Banafsheha, with colleagues Arteen Zahiri and Ian Habbestad, procured the buyer, which the firm described only as a funding investment corporation.

Completed in 2015, the building’s 50 units are individually parceled as condominiums — a structure the firm said gives an owner flexibility to sell units one by one or hold the property as a single mixed-use asset. The controlled-access building has gated parking and an enclosed mail room, and units include central air conditioning and heating, in-unit washer and dryer connections, and stained concrete flooring, according to marketing materials.

Marcus & Millichap (NYSE: MMI), founded in 1971, is a commercial real estate brokerage specializing in investment sales, financing, research and advisory services, with more than 80 offices across the United States and Canada. 

Whether the new owner plans to keep the building as a single rental asset or begin selling the parceled units individually is not yet known.