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
Gov. Gavin Newsom

Reclose the economy: Newsom shuts down malls, restaurant dine-in

Reclose the economy: Newsom shuts down malls, restaurant dine-in
Foot Traffic At Major LA Retail Arteries Down Significantly

TRD Insights: LA retail hasn’t rebounded in these major submarkets

TRD Insights: LA retail hasn’t rebounded in these major submarkets
Carson Mayor Albert Robles and a rendering of the proposed project (Credit: The city of Carson)

Simon-Macerich mall project in Carson sparks latest legal claim

Simon-Macerich mall project in Carson sparks latest legal claim
Alicia Silverstone from the film 'Clueless', 1995, and a rendering of the Beverly Center (Credit: Paramount Pictures/Getty Images, and Beverly Center via Los Angeles Times)

For LA’s malls, lawsuits could be the next crisis

For LA’s malls, lawsuits could be the next crisis
Baldwin Hills-Crenshaw Plaza mall and CIM co-founder Avi Shemesh

CIM Group backs out of mall buy after community backlash

CIM Group backs out of mall buy after community backlash
The Egyptian theater (Credit: iStock)

LA movie theaters will soon reopen, but they won’t be the same

LA movie theaters will soon reopen, but they won’t be the same
From left: Bill Shopoff, Sandy Sigal, and David Simon

Payment Gap: Retailers are reopening, but many aren’t paying rent

Payment Gap: Retailers are reopening, but many aren’t paying rent
Joshua Golcheh

The way out: Developer cites coronavirus in suit to exit OC shopping center deal

The way out: Developer cites coronavirus in suit to exit OC shopping center deal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...