Safco Capital Corp. has acquired a 1.3-acre retail lot housing Gelson’s Market, a 17,833-square-foot gourmet grocery store in West Hollywood, for $25.3 million from Mayfair Realty. The transaction was structured as a sale-leaseback. Crosbie Gliner Schiffman Southard & Swanson LLP has arranged the deal on behalf of the buyer, as well as the leasing agreement on behalf of Gelson’s Market.
Located at 8330 W. Santa Monica Blvd., the retail center is around 10 miles from downtown Los Angeles and within 3 miles of tourist destinations on Hollywood Boulevard. The shopping center is also close to residential areas, there are approximately 38,700 units completed or under construction within a 3-mile radius, according to Yardi Matrix.
“This was an appealing deal for our client on multiple levels,” said David Swartz, partner with Crosbie Gliner Schiffman & Swanson, in prepared remarks. “Gelson’s Markets is recognized as one of the nation’s premier gourmet grocery stores. Additionally, West Hollywood is one of the most vibrant, diverse and desirable locations in Southern California.”
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