16540-16548 Soledad Canyon Road and Gelson’s Market (Credit: Google Maps and WEHOville)
Los Angeles investors spent a combined $66 million on the five biggest retail deals last month, roughly half the total shelled out in February.
The priciest sale was claimed by Safco Capital, which purchased a Gelson’s Market in West Hollywood for $25 million. AIDS Healthcare Foundation, an affordable housing developer, also held a spot on the list.
The Real Deal compiled its list based off property records on PropertyShark.
1. 8330 Santa Monica Boulevard | Safco Capital, $25M
An entity tied to Safco Capital, led by John Safi, bought the site at 8330 West Santa Monica Boulevard. As part of the deal, Gelson’s Market leased back the 17,830-square-foot retail store. The seller of the 1.3-acre property was Mayfair Realty, which owns Gelson’s. CGS3, a commercial real estate law firm, represented Safco, while Mayfair Realty represented itself. The property is one of three Gelson’s locations in L.A.
2. 16540 Soledad Canyon Road | Hutensky Capital Partners, $15.9M
Hutensky Capital Partners, a real estate fund manager that specializes in underperforming retail property, paid $15.9 million to acquire the retail plaza in Santa Clarita. TRC Retail, acting through an LLC, sold the 19,250-square-foot lot, located at 16540 Soledad Canyon Road. The firm, based in Newport Beach, had owned the complex since 2014, records show.
3. 611 South La Brea Avenue | Alyssa Shah, $9.6M
Alyssa Shah, an individual with ties to a Hancock Park address, purchased a retail property in the Miracle Mire area for $9.6 million. The 6,200-square-foot building, located next to the trendy Republique eatery, is currently occupied by a fabric store. Shah purchased the building, found at 611 South La Brea Avenue, through Jaxon LLC. The seller was Jason Asch, who sold the property through a trust.
4. 3400 West Olympic Boulevard | Sun Yong Park, $8.7M
Marsleon and Chung Rye Ro sold their Koreatown property at 3400 West Olympic Boulevard for $8.7 million. Records show Sun Yong Park purchased the 17,860-square-foot building through an LLC. The two-story building is fully occupied by Roland Products, which manufactures and distributes kitchen supplyware.
5. 431 East 7th Street | AIDS Healthcare Foundation, $6.6M
A subsidiary of the AIDS Healthcare Foundation paid $6.6 million to acquire two parcels in Downtown L.A.’s Skid Row. According to a statement announcing the purchase, the firm plans on building new affordable units for the homeless and extremely low-income residents. It marks the first time the affordable housing developer will build from ground-up construction rather than redeveloping aging properties. The sellers were Kiumars and Shahnaz Soleimany, who had owned the property through a trust since 2002. Located at 431 East 7th Street, the 2,890-square-foot building has two retail storefronts.