Safco Capital buys Gelson’s Market WeHo property in leaseback deal

Mayfair Realty sold the 1.3-acre site that includes the store

TRD LOS ANGELES /
Mar.March 18, 2019 11:00 AM
Gelson’s Market (Credit: WEHOville)

The parent company of upscale grocer Gelson’s Market has sold the West Hollywood property where one of its stores is located.

Safco Capital, led by John Safi, paid $25.3 million for site at 8330 West Santa Monica Boulevard, the company announced in a release. The Los Angeles Business Journal first reported the news. As part of the deal, Gelson’s leased back the 17,830-square-foot retail store.Gelson’s has three locations in L.A.

The seller of the 1.3-acre property was Mayfair Realty, which owns Gelson’s.

CGS3, a commercial real estate law firm, represented Safco, while Mayfair Realty represented itself.

Mayfair, a subsidiary of Arden Group, acquired the Gelson’s chain in 1966. TPG, an investment firm based in Texas, then acquired Arden in February 2014 for $394 million.

The purchase marks a slight shift from Safco’s recent acquisitions, which have been dominated by multifamily projects.

In November, an entity tied to John Safi filed plans to build a six-story apartment building in Westlake with a small retail building nearby. And in May 2018, the Westside-based developer filed plans to demolish a strip mall to make room for a new, 66-unit project in Koreatown.

Safco’s latest purchase will see competition from the 25,000-square-foot Sprouts Farmers Market, set to rise less than half-a-mile away at 8550 Santa Monica Boulevard. The grocery store is part of developer Michael Talla’s new mixed-use project, which will include 16,000 square feet of office space and a cafe.


Related Articles

arrow_forward_ios
Space Investment Partners co-founders Mark Moshayedi and Ryan Gallagher with Westport Plaza (Credit: Connect California)

Playing small mall: New firm picks up shopping center in Costa Mesa

The top sales of last week were all on the Westside

Here are the 5 priciest resi sales in LA County last week

Barings Head of Alternative Investments Anthony Sciacca, and DWS Head of Americas Bob Kendall (Credit: Google Maps)

DWS Group pays $100M for WeHo resi complex

Richard Bloom and a rendering of Lowell Farms Cannabis Cafe (Credit: Lowell Farms, iStock)

Cannabis lounges bloom in WeHo, and not everyone is happy

DH Holdings founder David Horenstein and Conejo Gateway

Local firm plans to expand Thousand Oaks retail plaza after $18M purchase

Jason Illouian and the property (Credit: Faring Capital and Google Maps)

Faring advances plan for 271K sf cancer center where it had eyed boutique hotel

Hollywood & Highland, Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller

CIM Group sells Hollywood & Highland mega-complex for $325M: sources

Rick Edwards, partner at Seagrove Property Group and the property

Foreign investor drops $13.7M on fully leased shopping center in San Gabriel Valley

arrow_forward_ios