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Seagrove Property Group Sells Ground Lease at Glendora Commons to Foreign Investor

Hannah Welk
By Hannah Welk
242
Glendora Commons

Seagrove Property Group has sold a leasehold interest at Glendora Commons — a nearly 42,000-square-foot retail center anchored by an Aldi grocery store — to a foreign investor for $13.65 million.

Leasehold interests, or ground leases, are becoming more common. They allow property developers to get a foothold in prime neighborhoods where land doesn’t often change hands, and they give the landowners a steady source of monthly income without the responsibility of owning, maintaining, managing and improving a building.

Glendora Commons, located at 1241-1251 Lone Hill Ave., is nearly fully leased to tenants including Aldi, Guitar Center and Chick-fil-A.

Brokerage Jones Lang LaSalle Inc. represented the seller in the deal. The leasehold interest includes the option to purchase in 2031, according to CoStar Group Inc.

Commercial real estate reporter Hannah Madans can be reached at hmadans@labusinessjournal.com. Follow her on Twitter @HannahMadans.

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Hannah Welk
Hannah Welk
Hannah (Madans) Welk is the editor-in-chief at the Los Angeles Business Journal and Inside The Valley (formerly the San Fernando Valley Business Journal). She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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