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 email@example.com. Follow her on Twitter @HannahMadans.