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Barker Pacific Acquires Bank Building
PASADENA, CA-Barker Pacific Group of Los Angeles has purchased the historic Citizens Bank Building from the bank and plans significant upgrades to the property, according to Barker, which acquired the property in a partnership that included individual investors John and Eric Luna. Citizens Business Bank remains a tenant at the seven-story, 55,000-sf building at 225 E. Colorado Blvd. Downtown, at the corner of East Colorado Boulevard and Marengo Avenue.
The reinforced concrete building was originally built in 1915 for Citizens Savings Bank. It's 95% occupied, with 40%, or 23,000 sf, occupied by Citizens Business Bank, which is a ground-floor tenant. Michael Barker, managing director for Barker Pacific Group, calls the bank building "an architectural gem with a great location in a flourishing market." He says the new owners plan to upgrade the mechanical and energy systems and to build value in the asset by filling the remaining vacancy.
Other planned improvements include upgrading the glazed terra cotta-clad building and repairing the weathered and damaged exterior. Besides Citizens Business Bank, other tenants in the building include the Smith Brothers restaurant operating company, Onyx Architects, Property Condition Assessments and a variety of professional service firms.
Robert Fitzgerald of Encino-based NAI Capital Commercial represented Barker Pacific, with Citizens Business Bank represented by Armen Gourdikian of Cushman & Wakefield's Ontario office. The building has more than 50 parking spaces in an adjoining surface lot that was included in the acquisition. Barker Pacific will lease and manage the property from its Downtown Los Angeles headquarters. The new asset becomes part of a Barker Pacific portfolio in a number of US cities, including San Francisco and Miami. The company's Los Angeles projects include the Fine Arts Building at 626 Wilshire Blvd. and the 5055 Wilshire Blvd. building.
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