By Pasadena Weekly Staff

Marcus & Millichap helped sell Shops On Hill, a two-building residential and retail portfolio in Pasadena. The properties sold for a total of $18 million.

“The influx of companies into the Pasadena submarket is stimulating the employment market and increasing consumer demand, which in turn is driving growth for local boutique retailers,” said Dana Brody, senior vice president investments in Marcus & Millichap’s Encino office.

“Our broad-based marketing campaign generated multiple cash offers, and we closed the sale within 3% of the asking price.”

Brody and Floyd Shaheen, first vice president, investments, represented the seller, Engine Real Estate. The buyer was represented by Elan Kermani of CityStreet Commercial.

“As part of our marketing process, we created a compelling narrative to illustrate how Shops On Hill has elevated the local boutique shopping and dining experience,” Shaheen said.

The properties are in Pasadena’s Bungalow Heaven neighborhood, blocks from Interstate 210 and a short drive from a Los Angeles Metro Gold Line station.

The two buildings are situated across Washington Boulevard from each other, one on the north side and one on the south side. The north side property is a 24,691-square-foot, two-story structure with 50 surface parking lot spaces built in 1922. There are 14 ground-level retail tenants and 12 residential apartments on the second floor. A 32-space, 0.25-acre parking lot is adjacent.

The building on the south side of the street is a 9,511-square-foot, one-story multitenant commercial structure with four retail tenants built in 1925. The portfolio’s tenants include Lark Cake Shop, Vanity Studio, One Life Yoga, Lavender & Honey, and Millie’s Restaurant and Café.