Macy’s sells ground lease for Pasadena center

Macy’s has sold a fee-simple ground lease underlying The Shops on Lake Avenue in Pasadena that is shadow-anchored by one of its active stores. The sale to a private investor from San Diego was handled by Hanley Investment Group Real Estate Advisors.



The ground lease does not include the Macy’s store, but does take in tenants including T.J.Maxx, Trader Joe’s, Ross Dress for Less, Williams-Sonoma, Talbot’s Jos. A Bank, and Orvis.



“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. “A long-term, triple-net ground lease is one of the most secure forms of real estate investment.”



Lopez said that the Hanley database produced 20 qualified offers and closed the sale within 30 days.

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