West Hollywood Property Sells for Over $25 Million
Safco Purchases Gelson’s Site in Sale Leaseback Transaction
FOR IMMEDIATE RELEASE
LOS ANGELES (March 15, 2019) – Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3) – representing buyer Safco Capital Corporation a Los Angeles-based real estate investment firm – has helped close the $25.25 million sale of the retail lot housing Gelson’s Market, a 17,833-square-foot gourmet grocery store in West Hollywood. The 1.25-acre site, located at 8330 W. Santa Monica Blvd. in West Hollywood, was sold by Mayfair Realty Inc., an operating company that owns real estate in Los Angeles County, including three Gelson’s Market locations.
According to David Swartz, the CGS3 partner who handled the deal, the transaction was structured as a sale leaseback. CGS3, a Southern California-based commercial real estate law firm, negotiated – on behalf of Safco – both the purchase agreement with the seller and the lease agreement with Gelson’s Markets.
“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.”
Founded in 1951 and headquartered in Encino, Gelson’s currently operates 28 specialty grocery stores throughout California.
About Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3)
Since its inception in 2013, CGS3 has quickly established a reputation as one of the leading real estate law firms in California, attracting some of the state’s finest real estate attorneys from both large corporate firms and senior in-house positions.
With practice areas including land use, finance, acquisition/disposition, entity formation, tax, development, land use, leasing, distressed assets and litigation/disputes, CGS3 is located at 12750 High Bluff Drive, Suite 250, San Diego, California 92130 and 10940 Wilshire Blvd., Suite 2200, Los Angeles, California 90024. For more information, visit http://www.cgs3.com.
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