J.A. RANKIN HOUSE & THE VILLA FRANCESCA APARTMENTS
Pride of Ownership Properties / Strong Rental Income
Initial Overbid Price: $11,425,000
Chapter 11 Trustee: Peter Mastan
Debtor: BGM Pasadena, LLC
1. Bankruptcy sale subject to Bankruptcy Court approval
2. All offers are subject to court overbid process
3. Bankruptcy Court Case # 2:15-bk-27833-BB
4. Properties are being sold “AS-IS, WHERE-IS” without
representations or warranties
BID Deadline: May 10th, 2017 at 5:00 pm PST
Court Overbid Auction Date: May 17th, 2017 at 2:00 pm PST before the Honorable Sheri Bluebond
Location: 255 East Temple Street, Courtroom 1539 Los Angeles, CA 90012
Property is under contract with the Stalking-Horse Bidder, and the motion filed with the Bankruptcy Court for the approval of Sale and Bid procedures has been approved. Per the approved Sale and Bid Procedures, the initial aggregate overbid price is $11,425,000 with the Minimum Bid Increment after the Initial Overbid is set to $25,000. Subsequent overbids subject to change.
The Sale and Bid Procedures filed with the Bankruptcy Court have been approved. The procedures outlined in the approved court-filed documents are recommended by the Trustee. All interested parties should consult with legal counsel with experience in bankruptcy sale matters to better understand the opportunities and risks associated with participating in the bankruptcy auction and sale process.
Please request Sale and Bid Procedures from listing agents.
210 S Orange Grove Blvd
Pasadena CA 91105
MVP Commercial Investment Real estate is pleased to present The Rankin House located at 210 South Orange Grove Boulevard in the City of Pasadena. The property was originally constructed as a single family residence in 1925 and consists of 6,450 SF of office space situated on a large 30,056 SF lot. The property was used as on campus housing by Ambassador College during the latter portion of the 20th Century. In 2005, Ambassador College began selling off its real estate holdings including the Rankin House. Shortly after in 2006, the property was converted into an office building. This conversion included mostly new plumbing, all new electrical, distributed internet, all new HVAC, roof repairs, movement of interior walls for reconfiguration of office space use, new interior paint, new wood flooring, and a new kitchen. The property also contains 24 parking spaces, which include 16 surface spaces on the north side of the building, two spaces in the garage, and 6 spaces via the easement with the adjoining property for weekday use (Buyer to Verify).
In 2008, the property was listed by the City of Pasadena as a historic landmark. With this designation, the city mandates a City review of proposed exterior alterations and demolition requests.
The property is part of the West Gateway Specific Plan. Although conversion of single family residences for office use is permitted, this zoning restricts redevelopment of properties with historical significance. This portion of the Specific Plan includes an area once known as the West Campus of Ambassador College–a beautiful and lushly-landscaped park-like campus that includes numerous gardens, a man-made running stream with Koi pond, large grassy expanses, walkways, gorgeous landscaping, and additional buildings now also containing the City’s historic designation. As a result of this zoning, this beautiful and lush landscaping will continue to be maintained for years to come.
The current tenant at the property, Dorn Platz Management, Inc. has a lease in place that runs until March 31st, 2025. The lease was originally executed on March 29, 2005 for a 10 year term and extended for 10 additional years. Please note that similar ownership interests exist between the debtor, BGM Pasadena, LLC, and the tenant Dorn Platz Management, Inc. Dorn Platz holds a master lease for building with sublet tenants existing. Buyer to Verify. The lease was originally executed on March 29th, 2005 for a 10 year term and extended for an additional 10 years. Please note that similar ownership interests exist between the debtor, BGM Pasadena LLC, and the tenant Dorn Platz Management, Inc. Dorn Platz holds a master lease for the building with sublet tenants existing. These sublet tenants may also be affiliated with the debtor, BGM Pasadena, LLC. Buyer to review all leases and related documents and verify.
244 & 248 S Orange Grove Blvd
Pasadena CA 91105
MVP Commercial is pleased to present The Villa Francesca Apartments located at 244 & 248 South Orange Grove Boulevard in the City of Pasadena. The property was originally constructed in 1927 and consists of eight spacious 2BR + 2.5BA units. The two 4-unit buildings consist of 19,032 SF of living area situated on a large 41,480 SF lot.
The Villa Francesca Apartments were originally used as dormitory housing for students at Ambassador College. After the College sold its real estate holdings in 2005, this property was converted into beautiful, luxury apartments with gorgeous new landscaping which was completed in 2007.
The renovation of the buildings includes, but is not limited to: new plumbing, updated HVAC, new electrical, roof and gutter repairs, new paint, custom window coverings, new appliances, new kitchens and bathrooms which include historically sensitive tile, fixtures, repurposed oak flooring. Also, the existing travertine marble fireplaces were made operable. A combination of the building’s history, exceptional location, and immaculate renovations make this property a trophy asset to include in one’s real estate holdings.
Each unit contains a very large living room, a separate formal dining room, a large kitchen, large bedrooms, and a central hallway. Further, the units have plenty of natural light along with washer/dryer hookups. The property consists of 16 parking stalls with each unit allotted 2 reserved spaces.
The property is part of the West Gateway Specific Plan. This zoning restricts redevelopment of properties with historical significance. This portion of the Specific Plan includes an area once known as the West Campus of Ambassador College–a beautiful and lushly-landscaped park-like campus that includes numerous gardens, a man-made running stream with Koi pond, large grassy expanses, walkways, gorgeous landscaping, and additional buildings now also containing the City’s historic designation. As a result of this zoning, this beautiful and lush landscaping will continue to be maintained for years to come.
An additional feature contributing the subject property’s uniqueness, exclusivity, and beautiful landscaping is that it is land-locked. The lot does not contain any frontage and is surrounded by the beautifully landscaped campus. Access to the property is provided via easement over the adjoining property.
One or more of the tenants may be affiliated with the debtor, BGM Pasadena, LLC.
INVESTMENT HIGHLIGHTS
- Bankruptcy Sale Subject to Court Overbid Process
- Historic and Architecturally Significant Building
- Strong Rental Income
- Pride of Ownership Property
- 6,450 SF Building | 30,056 SF Lot
- Lucrative Easement Use Income
- Office Currently Leased to 03/31/2025
INVESTMENT HIGHLIGHTS
- Bankruptcy Sale Subject to Court Overbid Process
- 2BR + 2.5BA Units
- Pride of Ownership Property
- 19,032 SF Building | 41,480 SF Lot
- Extensively Renovated in 2007
- 16 Parking Stalls
LOCATION HIGHLIGHTS
- A+++ Pasadena Location
- Just South of the Starting Line of the Annual Tournament of Roses Parade
- Millionaire’s Row Location
- Easy Access to 110, 134, & 210 Freeways
- Strong Demographics with ±$110,000 Average Household Income within a 3-Mile Radius.
- Walk-Score: 94
For more information, please download the Offering Memorandum.
MVP Commercial Investment Real Estate does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of the property provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of that information through personal inspection with appropriate licensed professionals. If your home is currently listed with another broker, this is not intended to solicit that listing. CalBRE 01816119, 01483131.
MVP2015