Tuesday, October 25, 2016
Hanley Investment Group Lists Rare Five-Acre Fee-Simple Ground Lease on South Lake Avenue in Pasadena, CA For Sale
The offering, which is currently unpriced, is for the fee-simple land underlying The Shops on Lake Avenue retail and parking and is shadow-anchored by Macy’s.
According to Hanley Investment Group Senior Vice President Carlos Lopez, the property’s listing agent, the offering consists of two parcels totaling 5.32 acres with a total of 131,153 square feet of building at 345 & 401 South Lake Avenue.
Approximately 61 years remain on the lease term (which includes two 10-year options and increases every five years); 100 percent of the improvements revert to the landowner upon expiration of the ground lease.
“This is a once in a lifetime opportunity for an investor to purchase over five acres of land along South Lake Avenue in the heart of the premier shopping district in Pasadena,” said Lopez. “A long-term, triple-net ground lease is one of the most secure forms of real estate investment. ”
For a complete copy of the company's news release, please contact:
MONAGHAN COMMUNICATIONS, INC.
Posted by Alex at 12:10 PM