NAI Capital Commercial has arranged the $5.1 million sale of a former skilled nursing facility in Pasadena that will be transformed into temporary housing focused on mental health support and substance abuse prevention.
The property, built in 1965 and previously operated as a skilled nursing facility, brings 60 years of healthcare-focused design to its new role addressing mental health and substance abuse needs in the community.
Agri Capital sold the 28,512-square-foot facility at 1450 N. Fair Oaks Avenue for $180 per square foot of building area and $147 per square foot of land. The 42-unit facility sits on a 34,980-square-foot lot and was vacant at the time of sale.
The 42-unit skilled nursing facility sits on a 0.80-acre, 35k sf lot and was delivered vacant. Although “Residential Care, General” and “Skilled Nursing” uses are prohibited, the site allows for a wide range of alternative uses. Permitted uses include supportive housing, transitional housing, single- and multi-family housing, limited adult day care, child day care, and home occupations. Uses requiring a Conditional Use Permit (CUP) include cultural institutions, religious facilities, temporary homeless shelters, public and private schools, general adult day care, child day-care centers, and public safety facilities. The new owner also plans to re-purpose the building as a temporary housing facility focused on mental health support and substance use prevention.
Stephen Lam, Guillermo Olaiz and John Archibald of NAI Capital represented the seller in the deal. The buyer, 1450 N Fair Oaks LLC, was incorporated in California on December 9, 2010, with Josemar Mercado listed as Manager and Chief Executive Officer at a registered address in Bradbury.
The facility’s sale comes more than four years after the California Department of Public Health suspended Golden Cross Health Care’s license on June 10, 2020, due to “ongoing and serious quality of care concerns,” including COVID-19 issues. The suspension followed a devastating outbreak that resulted in 104 confirmed COVID-19 cases—72 residents and 32 staff members—and 16 deaths.
