Family Trust Sells Ground Lease of Rite Aid Parking Lot in South Pasadena for $7.2M

SOUTH PASADENA, CALIF. — An out-of-state family trust has sold the ground lease of a parking lot adjacent to a Rite Aid store located at 900 S. Fair Oaks Ave. in South Pasadena.

A Southern California-based private investment company acquired the approximately 27,000-square-foot site for $7.2 million.

Dan Elliott, Sean Lutz, Ara Rostamian, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Brandon Burns and Brandon Gill of Cushman & Wakefield represented the buyer in the transaction.