February 5, 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

Property Transfer Tax Measure ULA Heads to Court as Landlords and Taxpayers Association File Lawsuit Against LA City

February 3, 2023

February 3, 2023

Measure is intended to fund affordable housing and tenant assistance programs through a property transfer tax By Dolores Quintana Measure...

A Luxurious Mar Vista Home Has Hit the Market for $3,395,000

February 3, 2023

February 3, 2023

Ashwood Avenue home offers 3080 square feet of living space  A stunning four-bedroom, five-bathroom home has hit the market in...

Ratkovich Company and JPMorgan Secure $41 Million Loan for Culver City Office Development

February 3, 2023

February 3, 2023

Project is located near the intersection of Jefferson and Obama Boulevards. By Dolores Quintana JP Morgan and the Ratkovich Company...

Culver City Approves Construction of 165,000-Square-Foot Office Building on Watseka Avenue

February 3, 2023

February 3, 2023

Four-story development set to be complete in 2025 or 2026 The City of Culver has given the green light to...

Chef Jason Neroni Introduces Best Bet Pizza to Washington Boulevard

February 2, 2023

February 2, 2023

Best Bet to open in former A-Frame space on Washington Boulevard By Dolores Quintana It’s official, chef Jason Neroni will...

Free Bahn Mi Sandwiches for Mar Vista Restaurant’s 4 Year Anniversary

February 1, 2023

February 1, 2023

My Lai party to feature free Banh Mi Sandwiches, gift card prizes, and other goodies!   By Dolores Quintana On February...

California’s Ambitious Fast-Food Law Heads to Statewide Referendum for Final Verdict

February 1, 2023

February 1, 2023

AB 257 would create a board of 11 appointees to negotiate on behalf of fast food workers in California Last...

Mayor Bass Launch New Initiative to House Homeless at Culver Boulevard Encampment

February 1, 2023

February 1, 2023

Two Inside Safe initiatives launched in South LA and Westside By Sam Catanzaro City officials have announced a new effort...

Girl Scouts Return to Los Angeles With Delicious New Cookie!

January 31, 2023

January 31, 2023

Cookie lovers throughout Greater Los Angeles can now support local Girl Scout entrepreneurs by ordering from the iconic lineup Girl...

Boris Allakhverdyan, Ben Hong and Talon Smith Unite in Santa Monica for Special Performance of Brahms’ Trio Op. 114

January 31, 2023

January 31, 2023

Concert will take place on Sunday, February 5 The world-renowned Los Angeles Philharmonic’s Principal Clarinet Boris Allakhverdyan and Associate Principal...

70 Culver High AVPA Students Descend on CETA for High School Theater Arts Festival

January 31, 2023

January 31, 2023

CCHS Senior Ginger Anderson-Willis took home first place in the “Trailer” category 70 Culver City High School students from the...

Metro’s Choice for Purple Line Muralist Sparks Veteran Concern

January 31, 2023

January 31, 2023

Veterans concerned over disturbing painting by commissioned metro muralist at the purple line stop on the West L.A VA Soldiers...

Mayor Karen Bass Makes Moves in her New Administration to Combat Homelessness

January 31, 2023

January 31, 2023

Mayor appoints three Deputy Mayors and three Directors last week Mayor Karen Bass has wasted no time in the transition...

CCUSD Board Shines Spotlight on Elementary Schools, Reacts to Monterey Park Shooting

January 31, 2023

January 31, 2023

Board of Education celebrated the collective efforts of their elementary schools by recognizing the Five Pillars of Supporting Student Need...

TikTok Sparks Surge in Kia and Hyundai Thefts in Los Angeles

January 31, 2023

January 31, 2023

Social media platforms exacerbate vehicle thefts through security flaws Kia and Hyundai vehicles have become a major target for car...