Faris Lee Investments has listed a prime two-tenant triple-net-leased investment opportunity in Pasadena’s Hastings Ranch trade area. Located on the highly trafficked corner of E. Foothill Boulevard and S. Michillinda Avenue, the property is 100% occupied by long-term tenants JPMorgan Chase & Co and Lakeshore Learning, both with recent five year lease renewals boasting 16 years’ tenancy for JPMorgan Chase and 26 years for Lakeshore Learning respectively.
Shaun Riley, Jeff Conover and Scott DeYoung from Faris Lee have identified an attractive value add opportunity at this property with potential 52% income growth equating to $327,000 additional annual income when market rents are achieved through increasing Lakeshore Learning’s below market rent to its respective market level coupled with imbedded rent increases from Chase resulting in an expected cap rate of 6.85%.
