May 23, 2024 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

UCLA Police Chief Reassigned After Assault on Palestine Solidarity Encampment

May 22, 2024

May 22, 2024

Acting Chief Named as John Thomas Reassigned to Other Duties on Monday By Dolores Quintana In the aftermath of the...

(Video) The Long Awaited Opening of @Something About Her. The line was down the block for most of the day. Huge success

May 22, 2024

May 22, 2024

If you look closely you can see the owners in the video, who were so very gracious and genuine to...

Off-Duty West Bureau LAPD Officer Arrested for Assault with a Deadly Weapon

May 22, 2024

May 22, 2024

Officer Taken Into Custody in Westchester, Internal Affairs is Investigating An off-duty Los Angeles police officer was arrested Tuesday for...

UC Workers’ Strike Intensifies Amid Unresolved Labor Disputes

May 22, 2024

May 22, 2024

University of California Refuses to Attempt to Resolve ULPs The California Public Employment Relations Board (PERB) has urged the University...

LAPD, DEA, and Postal Service to Investigate Actor Matthew Perry’s Death

May 22, 2024

May 22, 2024

Authorities to Probe How Perry Obtained Ketamine Found in His System. The Los Angeles Police Department (LAPD) has launched an...

Venice Canal Attack Victim’s Condition Takes a Tragic Turn

May 22, 2024

May 22, 2024

CD 11 City Councilmember Traci Park Releases Statement The devastating news that one of the two women who were brutally...

City Files Lawsuit Against Motel Owners For Allegedly Allowing Drug Activity

May 22, 2024

May 22, 2024

A Court Order Could Close the Motel for One Year and Require Changes to Management By Zach Armstrong A lawsuit has...

(Video) 2024 Take Action Campaign Happening Now

May 21, 2024

May 21, 2024

More Information at takeactionla.com @culvercitywlanews Take Action Campaign is happening now throughout LA County #mentalhealth #losangeles #fyp #california #wellbeing #health...

Father-Son Duo RSG Janitorial Services Finds Joy In Serving Customers

May 21, 2024

May 21, 2024

Finding handymen and janitorial services can be a hard pick. RSG Janitorial Services, based in Los Angeles, offers a mix...

LA Pride 2024 Announces George Takei, Cassandro, and Kristin Crowley as Grand Marshals

May 21, 2024

May 21, 2024

Celebrate “Power in Pride” with live broadcasts, a block party, and special events This year’s LA Pride Parade will celebrate...

Target Slashes Prices on 5,000 Everyday Items for Summer Savings

May 21, 2024

May 21, 2024

Consumers to Enjoy Reduced Prices on Essentials Starting Now Target Corporation announced on Monday it will lower the everyday regular...

Check Out Local Library Events and Weekly Reading Programs For This Week

May 21, 2024

May 21, 2024

Brentwood, Palisades, and West Los Angeles Libraries Are Ready for Summer As summer approaches, local libraries are gearing up for...

Los Angeles County Rent Relief Program Opens Second Round of Applications

May 20, 2024

May 20, 2024

Applications Accepted Until June 4, Funding and Support Have Been Increased  The Los Angeles County Rent Relief Program (LARRP) has...

Detectives Seek Public’s Help to Locate Attilio Brillembourg, Stepfather of Greek Princess

May 20, 2024

May 20, 2024

Stepfather of Princess Tatiana of Greece is Missing in Malibu Detectives from the Los Angeles County Sheriff’s Department are seeking...

Culver City Council to Review Parking Rates, Proclaims May Heritage Months

May 19, 2024

May 19, 2024

Gender-Neutral Restrooms Ordinance and City Proclamations Announced On Monday, the City Council of Culver City unanimously agreed to revisit new...