Gelson’s Markets inks lease at Hines’ Westside project
Supermarket to anchor retail portion of West Edge mixed-use complex
Gelson’s Markets will open a 36,000-square-foot store at a mixed-use development on the Westside.
The upscale supermarket chain inked the lease with Hines and the Martin family at its under-construction West Edge complex, Commercial Observer reported.
Gelson’s will operate the store at the base of the planned seven-story residential building. The complex is rising on 4.8 acres at 12101 W. Olympic Boulevard. Work started early last year. The multi-building development will include around 600 high-end apartments, 200,000 square feet of office space and several restaurants, according to the report.
The Martin family proposed the development through its company Philena Properties, and commissioned a team led by Gensler to design it.
The family started shopping a 49 percent stake in the project in 2017, bringing Hines on board later that year in a $200 million-plus deal. USAA Real Estate is also involved.
The development is expected to open sometime next year, according to Hines.
In February, Pan Pacific International acquired Encino-based Gelson’s from TPG Capital, which owned the chain for about seven years. The supermarket has 27 locations across Southern California.
[CO] — Dennis Lynch