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3/18/19
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Safco Capital Corporation closed on the acquisition of a 17.8k sf Gelson’s Market property in West Hollywood, in a sale-leaseback transaction worth $25.25 mil. The property was sold by Mayfair Realty Inc, an operating company that owns real estate in Los Angeles County, including three Gelson’s Market locations.
The Gelson’s sits on a 1.25-acre site at 8330 W. Santa Monica Blvd, between Crescent Heights and La Cienga Blvds. Founded in 1951 and headquartered in Encino, Gelson’s currently operates 28 specialty grocery stores throughout California.
David Swartz with Crosbie Gliner Schiffman Southard & Swanson LLP negotiated both the purchase agreement with the seller and the lease agreement with Gelson’s Markets on behalf of Safco.
"This was an appealing deal for our client on multiple levels," Swartz said. “Gelson's Markets is recognized as one of the nation's premier gourmet grocery stores. Additionally, West Hollywood is one of the most vibrant, diverse and desirable locations in Southern California.”
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