PASADENA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a fee-simple ground lease underlying The Shops on Lake Avenue retail complex on South Lake Avenue in Pasadena. Macy’s anchors the property, but was not included in the sale. The price was not disclosed.
Hanley Investment Group’s Carlos Lopez and Lee Csenar represented the seller, Macy’s Inc. The buyer, a private investor in San Diego, was self-represented.
Other tenants at The Shops on Lake Avenue include 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.
The property consists of two parcels totaling 5.3 acres with a total of 131,153 square feet at 345 and 401 S. Lake Ave. Over 61 years remain on the lease term, including two 10-year renewal options and rent increases every five years. All improvements on the property revert to the landowner upon expiration of the ground lease.