August 12, 2020 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.”

Related Posts

Disbarred Beverly Hills Lawyer Pleads Guilty to Embezzling Client’s Money

August 11, 2020

August 11, 2020

By Staff Writer A disbarred Beverly Hills lawyer has pleaded guilty to a federal criminal charge for scheming to steal...

Westside Donut Institution Taking Over Former Stan’s Donuts Shop

August 11, 2020

August 11, 2020

Westwood Village Stan’s Donuts to be taken over by Primo’s Donuts By Sam Catanzaro A longtime Westside donut shop will...

LA County Surpasses Somber Milestone of 5,000 Coronavirus Deaths

August 11, 2020

August 11, 2020

Hospitalizations continue to decline By Sam Catanzaro L.A. County reached a somber milestone Tuesday of over 5,000 COVID- 19 deaths....

Officials ID Man Fatally Shot By Culver City Police

August 10, 2020

August 10, 2020

Los Angeles County Coroner IDs Jesse Vanloozen as victim By Sam Catanzaro Officials have identified a man who was fatally...

Edify TV: Westsiders Embracing Aquatic Activities

August 10, 2020

August 10, 2020

While social and physical distancing continues, Westsiders have been taking to the ocean for some sunshine and recreation. Learn more...

TikTok Suing Trump? Westside Beat – August, 10, 2020

August 10, 2020

August 10, 2020

Local news and culture in under 5 minutes. * TikTok Suing Trump? * Coronavirus Cases Rise As Hospitalizations Decline All...

Environmental Study Approved for New Clippers Arena

August 10, 2020

August 10, 2020

By Toi Creel Recently an environmental study was approved for a new 18,000-seat sports and entertainment complex for the LA...

Edify TV: Flurry of Development in Westside Neighborhood

August 10, 2020

August 10, 2020

A Westside neighborhood, known for its ramen restaurants and all things Japanese, is undergoing a flurry of development. Learn more...

Edify TV: Notable Westside Properties Hit Market

August 10, 2020

August 10, 2020

From architecturally unique houses in Venice and Pacific Palisades to a property once valued at $100 million in Bel Air,...

Temporary Closure of La Ballona Creek Bike Path

August 7, 2020

August 7, 2020

The Culver City Public Works Department will begin its annual maintenance of the Ballona Creek Bike Path. Work will occur on...

Culver City Police Arrest Attempted Murder Suspect

August 6, 2020

August 6, 2020

Man arrested for shooting at group of construction workers By Sam Catanzaro Culver City police have arrested a man for...

Open Air Homes: Bringing High-End Rentals to LA

August 6, 2020

August 6, 2020

By Toi Creel In 2012 Brad Greiner, an independent filmmaker found himself in a financial pinch where he could no...

City Council Meeting For Inglewood Oil Fields: Westside Beat – August, 6, 2020

August 6, 2020

August 6, 2020

Local news and culture in under 5 minutes. * City Council Meeting For Inglewood Oil Fields * LA Will Shut...

The Best Cancer Treatment You Have Never Heard Of – Hyperthermia Cancer Institute

August 6, 2020

August 6, 2020

On today’s Westside Wellness we explore Hyperthermia Cancer Institute, a cancer therapy approved by the U.S. Food and Drug Administration...

Culver Police Investigating Attempted Murder

August 6, 2020

August 6, 2020

Man shoots at group of people during altercation By Sam Catanzaro Culver City police are investigating an attempted murder that...

Comments
Leave a Reply

Your email address will not be published. Required fields are marked *