Avison Young and Major Properties announce $2.65 million sale of South Pasadena Site to Physicians31 Jan 2020
South Pasadena, CA – Avison Young and Major Properties announced today that they have completed the $2.65 million sale of a 2,949-square-foot (sf) office property situated on .53 acres of land at 245 Fair Oaks Avenue in South Pasadena.
Michael Dettling, a Principal and Director of Healthcare at Avison Young in the firm’s North Los Angeles office, along with Tony Kim, a Vice President with Major Properties, sold the asset on behalf of 245 ZNE, LLC. The buyer, Center for Advanced Dermatology, was represented by Dan Bacani and Elliott Gallahan of Lee & Associates.
The new ownership is planning to convert the existing office building to medical use for its dermatology practice.
Dettling said, “The property was being marketed as a medical office development site, however, the buyer has chosen to convert the existing building for it specific use.”
The property is located one block north of the 110 freeway, is next to City of Hope, South Pasadena, and is just six blocks from Huntington Hospital in Pasadena.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.
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