Historic Royal Laundry complex in Pasadena sold to S.F. investors
LA Times 9/3/14 http://www.latimes.com/business/realestate/la-fi-re-royal-laundry-sold-20140902-story.html
A former industrial complex in Pasadena that is now the headquarters of Disney Stores USA has been acquired by San Francisco real estate investor the Swig Co. for $26.1 million.
The 72,500-square-foot property on Raymond Avenue near Old Pasadena was the home of Royal Laundry for decades. It is fully leased to Disney Stores, a wholly owned subsidiary of Walt Disney Co. Inc.
The three-building complex includes a 1920s Spanish Colonial Revival-style building and a 1930s Art Deco addition designed by architect Gordon Kaufman, who also designed the Athenaeum at Caltech, the Santa Anita racetrack and the Los Angeles Times building.
The Royal Laundry closed in the 1980s, leaving the buildings empty. The property at 443 S. Raymond Ave. underwent a significant renovation in 2005 and was reintroduced to the market as a creative office with bow-truss ceilings, floating staircases, a mezzanine area and glass-fronted offices overlooking the main floor, brokerage Madison Partners said.
Madison Partners represented the seller, Karlin Real Estate of Los Angeles.
This property is the second in Pasadena purchased by the Swig Co. in recent years. The company also owns a 1920s office building at 595 East Colorado Blvd. in the city’s Playhouse District.
*Shared by Jeff Vertun