The property that is home to West Hollywood’s Gelson’s Market has been sold, but Gelson’s isn’t going anywhere.
Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3) – representing buyer Safco Capital Corporation, a Los Angeles-based real estate investment firm – issued a statement today saying that the sale has closed. Safco is paying $25.25 million for the 1.25 acre lot that houses Gelson’s Market, a 17,833-square-foot upscale grocery store. The site, located at 8330 W. Santa Monica Blvd. at Kings Road, was sold by Mayfair Realty Inc., an operating company that owns real estate in Los Angeles County, including three Gelson’s Market locations.
David Swartz, the CGS3 partner who handled the deal, said the transaction was structured as a sale-leaseback. CGS3, a Southern California-based commercial real estate law firm, negotiated – on behalf of Safco – both the purchase agreement with the seller and the lease agreement with Gelson’s Markets.
“This was an appealing deal for our client on multiple levels,” Swartz said. “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.”
Founded in 1951 and headquartered in Encino, Gelson’s currently operates 28 specialty grocery stores throughout California.
And the destruction of West Hollywood rolls on relentlessly. Instead of the safe haven for LGBT and renters, we have become the playground of the well-heeled and developers. If we could go back in time to 1984, the founders of the city would be horrified. There is just no thought for the people who are barely struggling to survive, and a city council in thrall to the payola of real-estate interests that line their campaign pockets. The recent election we just had was a disgrace. Yes, Gelson’s will be around for a while longer, but how many stores in WeHo… Read more »
Leaseback – Wikipedia
https://en.m.wikipedia.org/wiki/Leaseback
“Leaseback, short for “sale-and-leaseback,” is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. … Leaseback arrangements are usually employed because they confer financing, accounting or taxation benefits.”
This is devastating news. As of today there are 4 projects being built on N Kings Rd from SM Blvd to Waring. Now that Gelsons lot has been sold we can expect a huge multi use development going up in the near future. Remember the Planning Commission and the City Council hasn’t met a development they didn’t like!!!
this is bad news. i see another hotel/multi use building in our future.
They say whatever will get them in, then they knock it down & build some eyesore that will spoil the whole sense of the community.
But it was bought to increase the footage of Weho city council building and was my. Understanding. Well time to move so I can walk to a store. Thanks Weho for another grand flop and sink whole
Fix the potholes.
Thank God the City didn’t get it!
Probably six months lol.