Trending
Safco Capital buys Gelson’s Market WeHo property in leaseback deal
Mayfair Realty sold the 1.3-acre site that includes the store
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.