FULLER PUTS 13-ACRE PASADENA, CA CAMPUS UP FOR SALE; CBRE HIRED TO MARKET THE PROPERTY

23 May 2018

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Fuller Theological Seminary is putting its approximately 13- acre campus in Pasadena, CA up for sale as the 70-year old institution is moving 30 miles east to Pomona.

CBRE’s Laurie Lustig-Bower, Chalvis Evans, Kyle Barratt and Kamran Paydar have been hired to bring the property to the market soon. Evans and Barratt also facilitated the acquisition of the institution’s new Pomona site.

Fuller’s Pasadena asset, which serves as the institution’s main campus, is centrally located in the heart of Pasadena’s Playhouse District and features 11 different property groups, including more than 248 apartment units, a newly constructed library, administrative and student services offices, an auditorium, educational and lecture hall facilities, general office space, land development opportunities, plus lush green space in a centralized courtyard lined with craftsman office buildings. Fuller acquired and developed the different properties over a 70-year span.

“This is a very exciting opportunity for the City of Pasadena,” said Evans. “There is a wide spectrum of potential buyers or users for this real estate, including multifamily and office, among others.”

Added Lustig-Bower “The entire portfolio could be appealing to a larger-scale owner-user for similar uses or be sold off to different local, national or foreign investors for its quality multifamily and office assets or to repurpose the existing educational and office buildings.”

Pasadena real estate has been in high demand. In the first quarter, total property sales in the city climbed to $200 million, a 46% increase year over year, driven by institutional capital which accounted for 45% of transactions and private buyers making up 34%, according to research by CBRE.

“The Greater Los Angeles region has performed incredibly well during this cycle, and particularly areas such as the Tri-Cities and Pasadena have received a lot of attention from institutional as well as private buyers due to their great location, abundance of amenities and thriving live-work-play environment,” said Evans.

Fuller plans to move into its new campus in Pomona by summer 2021. A sale ahead of this date would be structured with a leaseback option, which would provide sufficient time for Fuller to exit and a new owner or multiple owners with cash flow while finalizing plans for the property, added Lustig-Bower.

Fuller’s relocation is part of its strategic move to transform its on-campus experience. The new Pomona campus will feature state-of-the-art facilities designed to serve both traditional and online learning along with smarter centralized administration.

“Fuller will be part of the continued revitalization of Pomona," said Evans. “Like Fuller Theological Seminary, Pomona is rich in history, culture and diversity. Fuller is excited to be part of moving the city forward while preserving its legacy.” 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.