February 28, 2017 Comments Off on Merlone Geier Secures Ground Lease From Macy’s Views: 538 California News, Los Angeles

Merlone Geier Secures Ground Lease From Macy’s

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San Francisco-based Merlone Geier Partners acquired the ground lease for The Shops on Lake Avenue, a 131,000-square-foot retail property in Pasadena, CA from Macy’s Inc. for a reported $15 million. The retail and parking asset, which consists of two parcels totaling 5.3 acres, is at 345 and 401 South Lake Ave.

Hanley Investment Group Real Estate Advisors’ Carlos Lopez and Lee Csenar represented the seller. The buyer was self-represented. Merlone previously acquired the leasehold for the asset from Vornado for $31.1 million.

“This offering represented a once in a lifetime opportunity for an investor to purchase over five acres of land along South Lake Avenue in the heart of Pasadena’s premier shopping district,” said Lopez.

More than 61 years remained on the lease. The Shops on Lake Avenue is anchored by Macy’s, though the store was not included in the transaction.

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