March 27, 2023 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

Valuations for Office Buildings in L.A. Drop 39%

March 27, 2023

March 27, 2023

Transfer tax and low interest rates contributing to decline in L.A. office sales By Dolores Quintana In the city of...

Erewhon Joins Tenants in Fully Leased $150M Culver Steps Development

March 26, 2023

March 26, 2023

Amazon Studios and a ground-floor retail center, including the celebrity and influencer-favorite Erewhon, anchor the 122,000-square-foot complex By Dolores Quintana...

Mid-Century Modern “Dingbat” Style Six-Unit Property in La Cienega Heights Receives Major Renovations

March 26, 2023

March 26, 2023

VF Developments, LLC, in a joint venture with a private investor, repositioned and added capital improvements to bring back its...

Los Angeles County Board of Supervisors Rejects Extension of Tenant Protections

March 26, 2023

March 26, 2023

County Board of Supervisors votes down measure affecting landlords in unincorporated areas. The Los Angeles County Board of Supervisors voted...

California Court Upholds Ride-Share Companies’ Right to Treat Drivers as Contractors

March 24, 2023

March 24, 2023

Proposition 22 exempted ride-share companies from certain labor laws, court rules in favor of the companies By Sam Catanzaro ​​A...

Culver City Police Arrest Juvenile Suspect in Carjacking of Senior Citizen

March 24, 2023

March 24, 2023

Authorities are still searching for a second accomplice Police announced Wednesday that they have arrested one suspect in connection with...

Laguna Niguel Man Accused of Swindling $1.6M From Investors, Including Residents of Playa Del Rey Senior Living Center

March 23, 2023

March 23, 2023

Federal lawsuit alleges John David Gessin used false pretenses to fund lavish expenses By Sam Catanzaro A Laguna Niguel man...

Famed Hinano Cafe in Venice Replaces Sign, Celebrating Sixty Years of Business

March 23, 2023

March 23, 2023

“We put it out to say we’re here for another 60 years,” says owner  By Keemia Zhang The Hinano Cafe,...

Municipalities Are Imposing New Fees and Regulations on Outdoor Dining. Take Our Survey and Share Your Thoughts on This Issue

March 23, 2023

March 23, 2023

The COVID-19 pandemic drastically changed the way we live our lives, and one of the most significant impacts has been...

Assemblymember Jesse Gabriel’s AB 1217 Could Help Local Restaurants Avoid Costly Permitting Fees

March 22, 2023

March 22, 2023

Legislation would preempt local ordinances and preserve regulatory flexibility for struggling neighborhood restaurants By Sam Catanzaro A new bill proposed...

Culver City Expands Ban On Single-Use Plastics

March 22, 2023

March 22, 2023

Regulations require reusable food service ware for dine-in facilities and ban non-compostable food ware for takeout and delivery Effective January...

Culver City Middle School Student Finishes Second in Statewide Songwriting Contest

March 22, 2023

March 22, 2023

Eighth-grader Alaya (Lay J) Johnson recently finished second in the statewide Music Notes student songwriting contest.  Culver City Middle School...

LA Institutions of Learning Offer Free Admission to LAUSD Students Amid Strike

March 21, 2023

March 21, 2023

Natural History Museum and La Brea Tar Pits provide free admission during three-day strike, Los Angeles Zoo and Botanical Gardens...