First published in the Nov. 26 print issue of the South Pasadena Review.
Baranger Studios, a historic office building in South Pasadena, sold to an investor for $6.8 million, CBRE Group Inc., announced.
CBRE’s Kyle Barratt and Jackie Benavidez represented the seller, a family who has owned and operated the building since 1984. This was the first time in 37 years the building traded hands.
The 13,244 square-foot historic landmark office property, located at 729 Mission Street, is fully occupied by four tenants. It is located on amenity-rich Mission Street, in proximity to the South Pasadena Metro Gold Line Station. The property, originally built in 1925, comprises three buildings connected through an open courtyard. The site, designed by architect G.A. Howard, is a one-story brick Gothic Revival corner building originally built for Arch and Hazel Baranger, who operated a wholesale business supplying motion displays to downtown jewelry stores.
“This is a highly desirable, one-of-a-kind historic South Pasadena property,” said Barratt. “Demand for these types of historic buildings remains high, especially for buyers who seek to eventually occupy for their own use.”
The property sold for $513 per square foot, which is above the average sale price per square foot for 10,000-to-20,000-square-foot buildings sold in the Pasadena area over the past two years.