CASE STUDY:
745 Orange Grove
- 745 E Orange Grove Pasadena, CA 91104
Challenge
We were engaged to sell this asset. The challenge was that although it was a “hard” corner, had ingress and egress on two streets and was close to Old Town Pasadena, national tenants, such as C-stores and quick service restaurants (QSRs) passed on the site since it wasn’t on a “main and main” corner. Moreover, due to disuse, the city revoked the site’s grandfathered right for gas and automotive use, and used the requirements of the city’s Specific Plan, thereby further limiting potential development opportunities. In addition, they would not support drive thru fast food operators, due to traffic and noise concerns. Lastly, there was a significant chain of title issue, since the Seller had acquired the property at Trustee sale, and the Seller was under strict time line to close the transaction.
Solution
Oakmore was able to procure a multi-family developer to acquire the site and draft a purchase and sale agreement that met the Seller’s timeline and compensated them for any breach. Additionally, we worked in conjunction with the Buyer’s representatives to ensure plans and applications were submitted in a timely manner and resolved the outstanding title issues that threatened to derail the transaction.
Result
We were able to overcome all the obstacles this transaction presented and facilitate a successful close that met our client’s objectives.
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