PASADENA, Calif. – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm is marketing for sale a rare fee-simple ground-lease opportunity on South Lake Avenue in Pasadena, Calif. 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.
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 Ca?ada 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.