Merlone Geier buys land underneath retail plaza for $15M

SF firm bought the leasehold for about $31M in 2013

TRD LOS ANGELES /
Feb.February 27, 2017 03:15 PM
Bradley Geier, co-founder of Merlone Geier, and the plaza at 345 South Lake Avenue

Merlone Geier Partners finally set its foot on the ground — that is, the ground underneath its 131,000-square-foot retail asset in Pasadena.

The San Francisco-based firm recently bought the land under 345 and 401 South Lake Avenue for about $15.1 million from Macy’s, according to multiple sources. The $65-per-square-foot sale comes more than three years after Merlone acquired the leasehold from Vornado for $31.1 million, property records show.

Over 60 years remain on the lease term, according to Hanley Investment Group, which represented Macy’s in the sale.

Dubbed the Shops, the retail complex is anchored by a Macy’s department store, which was not part of the sale. Other tenants include T.J. Maxx, Trader Joe’s and several restaurants.

Despite its national closures, Macy’s has no plans to close or sell this Pasadena store, according to Hanley executive vice president Carlos Lopez, who worked on the deal with colleague Lee Csenar. Merlone Geier represented itself.

Merlone, along with JV partner Goldstein Planting Investments, are behind the NoHo West development in North Hollywood, one of the biggest projects in L.A. County, which was approved by the City Council in December 2016. Under the partners’ plans, 6150 Laurel Canyon Boulevard would be transformed into a mixed-use community with apartments, shops, restaurants and office space.


Related Articles

arrow_forward_ios
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

arrow_forward_ios
Loading...