Pasadena : Marketplace Property Sold

Old Pasadena’s troubled Marketplace project has been sold for the second time in a year, this time to San Francisco developer Douglas L. Stitzel.

The previous owner, Garry Marshall, had sold the property in August to Pierce/Lange Development of Los Angeles, but Pierce/Lange failed to make a payment and last month Marshall again took control of the property, located on the northwest corner of Colorado Boulevard and Fair Oaks Avenue.

Stitzel, who bought the property Nov. 11 for an undisclosed amount, built the $15-million One Rodeo Drive project in Beverly Hills and the $50-million One Union Square retail project in San Francisco and is building a $150-million retail center named Two Rodeo Drive in Beverly Hills.

Many city officials and local business people consider the 350,000-square-foot project the cornerstone of the rejuvenation of Old Pasadena.