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| Carlos Lopez |
PASADENA, CA -- Hanley
Investment Group Real Estate Advisors, a nationally-recognized real estate
brokerage and advisory firm specializing in retail property sales, announced
today the firm completed the sale of a rare fee-simple ground lease underlying
The Shops on Lake Avenue retail and parking on South Lake Avenue in Pasadena,
Calif.
The property is
shadow-anchored by Macy’s. The terms of the sale could not be disclosed.
Hanley Investment Group
Executive Vice President Carlos Lopez,
along with Senior Associate Lee Csenar,
represented the seller, Macy’s Inc. The
buyer, a private investor in San Diego, Calif., represented themselves.
The fee-simple ground
lease lies under The Shops on Lake Avenue, which is anchored by Macy’s (not
included in the transaction), includes T.J.Maxx, Trader Joe’s, Jos. A Bank,
Orvis, Sola Salon, Paul Martin’s, Breakthru Fitness, Corner Bakery, Gymboree,
AT&T, Nekter Juice Bar, Pieology Pizzeria, Tokyo Shabu Shabu, Coffee Bean
& Tea Leaf, Yogurtland, and Massage Envy. Tenants on South Lake Avenue,
such as Williams-Sonoma, Talbots, Pacific Sales, Corner Bakery and Ross Dress
for Less, rank among the highest sales volumes for their respective chains.
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| Lee Csenar |
“A long-term, triple-net ground lease is one of the most secure forms of real estate investment, and the investment community responded accordingly.”
According to Lopez, “Using
Hanley Investment Group’s proprietary database, we targeted the private
investor community and were able to procure 20 qualified offers and close
within 30 days, achieving the seller’s goal of closing by its fiscal year-end.”
The property consists of
two parcels totaling 5.32 acres with a total of 131,153 square feet of building
at 345 & 401 South Lake Avenue.
Over 61 years remained on the lease term (which includes two 10-year options and increases every five years); 100 percent of the improvements reverts to the landowner upon expiration of the ground lease.
Over 61 years remained on the lease term (which includes two 10-year options and increases every five years); 100 percent of the improvements reverts to the landowner upon expiration of the ground lease.
Lopez notes that Macy’s
has no plans to close the store or sell the Macy’s department store.
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| The Shops on Lake Avenue, Pasadena, CA |
The South Lake Avenue
corridor consists of 12 blocks of shopping and dining that include over 600
businesses in addition to two million square feet of Class A office.
The Shops
on Lake Avenue is the main retail project within the district and draws from
the region, including nearby cities of Arcadia, Eagle Rock, La Cañada
Flintridge and San Marino.
The average household income is $102,500 with 37 percent of households averaging $100,000 or more within a three-mile radius.
The average household income is $102,500 with 37 percent of households averaging $100,000 or more within a three-mile radius.
Hanley Investment Group
Real Estate Advisors is a retail investment advisory firm with a $5 billion
transaction track record nationwide, who works closely with individual
investors, lending institutions, developers, and institutional property owners
in every facet of the transaction to ensure that the highest value is achieved.
For more information, visit www.hanleyinvestment.com.
For a complete copy of the company’s news release,
please contact:
Anne Monaghan
MONAGHAN COMMUNICATIONS,
INC.
830.997.0963
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