Vroman’s, an independent bookstore with more than a century of history on Pasadena’s famed Colorado Boulevard, has sold for $15.5 million, new owner GD Realty told The Real Deal.
The bookstore is the oldest in Southern California, founded in 1894. Vroman’s is an institution that also proved to be a pioneer among bookstores, offering itself as a “third space” with amenities such as coffee bars, literary readings, live musical performances and an emphasis on local ties before chains such as Barnes & Noble or Borders spread the concept to malls or main streets across America. Vroman’s shelf-lined shop floor, cafe and wine bar has hosted literary legends ranging from Dr. Seuss and Joan Didion. Its longtime owner the Sheldon family announced it would sell the bookstore at 695 East Colorado Boulevard, and another in Pasadena and West Hollywood, last year.
“Vroman’s has been a part of Pasadena’s history for over a 100 years. It’s an honor to be able to be a part of that history in any way possible,” GD Realty founder Arash Danialifar said.
The bookstore was founded by Adam Clark Vroman, who sold his book collection to raise the capital after his wife passed away. Upon his passing he left the bookstore to the great grandfather of the current owner.
When current owner Joel Sheldon announced he was selling, he said it was time to go beyond the family and find a new owner with vision, energy and a commitment to preserve the shop. The 80-year old owner acknowledged the change can mean a time of some uncertainty but offered a sense of optimism, too.
He could not be immediately reached for comment upon the announcement of the sale.
Danialifar’s company recently purchased a nine-story office tower minutes away at 790 East Colorado Boulevard, a thoroughfare famous for hosting the annual Rose Parade to mark New Year’s Day, for $31.5 million. That was a nearly 50 percent discount compared with its prior $59 million price.
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