June 2011

On June 11, 2011, Douglas P. Wilson was appointed as Receiver of the Raymond Renaissance, a 50-unit mixed-use property in Pasadena.

Originally opened in 1921, the Raymond Theater has undergone a restoration to its exterior. The interior has been transformed into mixed use residential, commercial and retail, pairing with a new building to the south. The two buildings combine to be the Raymond Renaissance.

The Raymond Renaissance features 3 ground floor retail spaces available for sale or lease. The largest retail space of approximately 11,000 square feet is located in the historic Jensen Raymond Theatre. The entrance for this space is through the original theatre entry on Raymond Avenue. This entry has been restored with a replicated l92l marquee, new matching marble wainscoting, wood French doors and windows. The interior of the space opens into the 5-story historic auditorium atrium.

The other 2 retail spaces, located in the new building, are approximately 4,440 square feet and 1,384 square feet. This new building has a brick facade with granite wainscoting and stone trim around the windows. The windows face out onto the adjacent sidewalks of Old Pasadena.

The Raymond Renaissance offers 28 condominiums, 10 Stage House Lofts and nine Commercial & Creative Workspaces in the East side of the theater. Five are single-level commercial spaces and four are 2-story Creative Workspace units.

In a talk at the annual investment forum sponsored by the Certified Commercial Investment Member (CCIM) San Diego chapter, Doug Wilson spoke briefly about his take on the inevitability of cycles in the real estate market, what he got wrong, and his opinion on the timeline to resolution:

“In this particular cycle, a lot of folks, myself included, got it wrong. We would have thought that there would be a systemic solution put in place by the government as there was with the RTC, that we would mark all these assets to market, deal with them and flush and cleanse the system.

That has not happened.”

Click to listen to a 3-minute audio clip of Doug’s remarks from the event or read the summary featured in the San Diego Union Tribune.