A mixed-use property with deep theatrical roots in South Pasadena, California, has sold for $4.34 million, marking the end of an era for its longtime owners, one of whom is a familiar face to soap opera fans.
James Reynolds, best known for his decades-long role as Abe Carver on NBC’s "Days of Our Lives," and his wife Lissa sold the Fremont Centre Theatre & Office Building to a local investor. The 12,057-square-foot property at 1000 Fremont Ave. includes a live performance theater and 22 office, retail and service tenants, including a popular restaurant with a garden courtyard.
Built in 1925 and fully leased at the time of sale, the building has served as a cultural anchor since the Reynoldses opened the Fremont Centre Theatre there nearly 28 years ago. The intimate venue has staged works by luminaries such as Ray Bradbury and remains a hub for local performing arts.
“This is an irreplaceable trophy asset in the heart of historic South Pasadena,” said Andrew Berk, principal at Avison Young who represented the sellers. “The new ownership intends to continue the legacy the Reynoldses built here.”
James Reynolds, 78, is a Daytime Emmy-winner whose character has survived multiple shootings, lost his eyesight and regained it, discovered secret children and navigated political scandal on one of the country's longest-running television soap operas. Lissa, an actress, playwright and educator, is artistic director of the nonprofit theater company, Fremont Centre Theatre, which has received national recognition. The couple resides in Pasadena.
According to Berk, four offers were submitted for the property. The sellers ultimately selected a South Pasadena-based buyer who shared their appreciation for the site’s history and role in the community.
A trophy theater
Tucked along a tree-lined stretch of Fremont Avenue, the Fremont Centre Theatre sits in the heart of South Pasadena’s historic district, just blocks from Mission Street’s antique shops, Craftsman homes and old-fashioned soda fountains.
The Reynoldses helped transform the former mortuary into a creative hub after acquiring the building for $1.3 million in 2001. Now, the Spanish Colonial Revival-style building, with its white stucco walls, clay tile roof and arched windows, blends seamlessly into the city’s early 20th-century charm.
Tenants include a massage therapist, a beauty salon, an orthodontist, a graphic design firm and a cafe.
While Pasadena office sales have increased 20% over the past year, deal activity still falls short of the city’s long-term average of $315 million annually.
The transaction, at $398 per square foot, exceeded the area’s typical rate of $312, signaling that buyers are still willing to pay a premium for well-located assets.
But overall demand remains tepid: vacancies have edged up to 13.5%, and over the past year, tenants have returned 120,000 square feet more than they’ve leased, according to CoStar data.