December 1, 2022 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Former West L.A. Vons store site sold for $37.5 million

The former Vons grocery store site at the corner of Santa Monica Boulevard and Barrington.
The former Vons grocery store site at the corner of Santa Monica Boulevard and Barrington. Photo: Google Maps

The former Vons grocery store site at the southeast corner of Santa Monica Boulevard and Barrington Avenue has sold for $37.5 million.

The commercial real estate sale in West Los Angeles was closed by Dawn Dyer and Paul Sheehan of Dyer Sheehan Group, Inc. (DSG) in Ventura, CA.

Dyer and Sheehan represented the buyer, United El Segundo, Inc., a Los Angeles-based, third-generation real estate investment and development firm. The seller, Vons Companies/Safeway, Inc., was represented by Tyler Stevens of Colliers International in Los Angeles. The sale was conducted via a competitive bidding process.

The approximately 2.64-acre commercial-zoned property comprises an entire city block along Santa Monica Boulevard between Barrington and Barry Avenues and borders Idaho Avenue on the south side. It was vacant at the time of the sale.

Previously, the lot was approved by the City of Los Angeles for development of a new Pavilions grocery store. Subsequent to city approval, Vons elected to sell the property and not pursue development of the Pavilions market.

“The Santa Monica/West Los Angeles market is undergoing a significant transformation, and has become known as ‘Silicon Beach; due to the influx of creative offices and high-tech start-ups, as well as the arrival of industry giants such as Google, Yahoo, AOL and YouTube,” said Dyer, president and co-founder of DSG. “Our buyer is a high net-worth individual who sold a multi-generational family-owned company that has been extremely successful for decades but is no longer able to effectively compete in the increasingly global, corporate-dominated economy.”

This buyer’s situation is consistent with a growing trend DSG is experiencing with increasing frequency over the past few years. As small to mid-size family-owned companies are being forced to merge with, or sell out, their interests to competing large corporations they are left to seek alternative investments from the equity from their companies and company-held real estate assets.

Dyer said the buyer felt strongly that Santa Monica Boulevard will be the next hot spot for redevelopment, much like the Wilshire Boulevard corridor just to the north.

“Los Angeles has long been a hot-bed of creativity and innovation, which is now giving the San Francisco Bay Area some serious competition in attracting entrepreneurial techies,” Dyer said. “Rents in Los Angeles are less expensive than in the Bay Area, the weather is better and people can surf before heading into the office.”

Paul Sheehan, DSG co-founder and CFO, conducted the development feasibility analysis for the buyer and agrees that this site has incredible potential.

“It is quite unusual, in a City like Los Angeles, for a developer to have the freedom to plan an entire city block,” Sheehan said. “We are very excited to see what United El Segundo decides to do with the property.”

in News
Related Posts

Local Boy Scout Leads Effort to Fix Termite-Infested Trail Handrail

November 30, 2022

November 30, 2022

Ari Candela leads community service effort on a Beverly Hills hiking path By Keemia Zhang Last month, Ari Candela, patrol...

Culver City Sister City Committee Seeks Exchange Students

November 29, 2022

November 29, 2022

Submitted by the Culver City Unified School District  The Culver City Sister City Committee (CCSCC) is looking for eight students...

Loews Santa Monica Beach Hotel Celebrates the Holidays

November 29, 2022

November 29, 2022

Head to the beach this December to experience the hotel’s seasonal family-friendly activities This year, Loews Santa Monica Beach Hotel...

LAPD Arrest Man Following Standoff Near Culver City

November 29, 2022

November 29, 2022

Police say replica gun was used by suspect in Sauteed Incident The Los Angeles Police Department West Los Angeles Division...

Column: What We Learned From Campaign 2022

November 28, 2022

November 28, 2022

By Nick Antonicello The road to democracy was long and winding in 2022, with much shock and surprise as LA...

Gang Member Arrested Following Culver City Traffic Collision

November 28, 2022

November 28, 2022

Unnamed suspect arrested following November 22 collision  A Venice-13 gang member was arrested recently after being involved in a Culver...

Thief Steals Family Diary Culver City’s Pasta Sisters Restaurant

November 23, 2022

November 23, 2022

$5,000 reward offered for diary’s return By Dolores Quintana In an Instagram post on November 20, Pasta Sisters restaurant revealed...

Excess Food Turned Into Groceries at Local Food Drive

November 23, 2022

November 23, 2022

Local organization Nourish L.A turns excess food into groceries for those who are food insecure in our neighborhoods and the...

Culver City Holiday Tree Lighting Sled-tacular Returns Next Week With 25 Tons of Fresh Snow

November 23, 2022

November 23, 2022

Event set for December 1 with Sled-tacular beginning at  5 p.m., Tree Lighting Ceremony at 6 p.m. The holiday season...

Column: What We Learned From Campaign 2022

November 23, 2022

November 23, 2022

By Nick Antonicello The road to democracy was long and winding in 2022, with much shock and surprise as LA...

ICE Returns to Santa Monica After Two Year Hiatus

November 22, 2022

November 22, 2022

ICE Santa Monica has returned for all day skating and fun for the whole family learn about what’s changed after...

Local Lions Club Donation Event Helps Homeless Veterans at West L.A VA Campus

November 22, 2022

November 22, 2022

Venice Marina Lions Club donated clothing and toiletries to homeless veterans during a veterans day event at the West L.A...

State to Release $1 Billion in Homelessness Funds

November 21, 2022

November 21, 2022

Move comes weeks after Governor holds funds citing lackluster plans to tackle homelessness  California Governor Gavin Newsom Friday convened local...

Anti-Semitic Hate Flyers Distributed in Culver City

November 21, 2022

November 21, 2022

Sunday incident remains under investigation  Anti-Semitic flyers were distributed in Culver City over the weekend.  According to the Culver City...