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Los Angeles

Cadence scores $12.9M loan for Gelson’s on Sunset Boulevard

A rendering of the new Gelson's
A rendering of the new Gelson's

Cadence Capital Investments has secured a $12.9 million loan from Buchanan Street Partners for the acquisition of a seven-parcel assemblage on Sunset Boulevard and the subsequent pre-development of a new multi-story building on the site, Buchanan told The Real Deal.

One completed, the property, at the corner of Sunset Boulevard and Gardner Street, will be home to a new Gelson’s Market grocery store. The new store location, slated to open in 2018, will be Gelson’s second in Hollywood.

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“This was an attractive investment because of the project’s irreplaceable location in an area of Hollywood that is experiencing substantial redevelopment and revitalization,” said Mark Reese, vice president of Buchanan Street Partners. “Cadence Capital Investments is working on a truncated timeline to meet the increasing demand in the surrounding neighborhood.”

Cadence paid a total $12.95 million for the site. – Katherine Clarke