South Lake retail space on market for $15 million

It can't be easy to keep a commercial district booming with increased concerns about the economy and consumer spending dropping like a rock. Although the $15 million property in question, the Lake Avenue Shops, at 505 S. Lake Ave., apparently is either fully occupied with tenants or close to it, the owner might be looking to get out before retail chains start to really suffer from the economic slowdown.

According to the L.A Times real estate blog, the building is occupied by Ann Taylor, Pottery Barn Kids and Talbots.

I spoke with Eric Duyshart in the Pasadena Economic Development department and he said he has "no idea" why the owner is looking to sell. He said the South Lake district has some vacancies and store owners are likely concerned by the economic outlook right now, but is not sure if that is the motive of the seller or not.

Here is the listing with more info on the property.