Vallarta Supermarkets has signed a 20-year lease with landlord Auburndale Properties to occupy a former Vons supermarket in Canoga Park.
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Vons is slated to close April 20. Vallarta is expected to move into the 85,653 SF building later this year.
A spokeswoman for Albertson Cos., which owns the Vons and Safeway grocery store brand, recently told the Daily News the company decided to close the Vons because it was underperforming.
Once opened, the Vallarta Supermarkets store will anchor the 150K SF retail center at 8201 Topanga Canyon Blvd. that includes tenants T-Mobile, McDonald’s and El Pollo Loco.
Newmark Knight Frank’s Mark Baziak and Geoff Foley represented the landlord. Springstead Associates represented the tenant.
Baziak said given the location and ethnic grocery store’s strong sales, Vallarta Supermarkets “was a strategic choice and will serve the significant surrounding Latino population.”
“There was a lot of interest from potential tenants for this space,” Baziak said in a news release. “Ultimately, we chose an ideal brand that was flexible with lease terms and that was a good fit with the local community. Ethnic grocers are doing extremely well in Southern California.”
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SALES
Culver City-based Goldrich Kest has purchased a 43-unit multifamily building in West Hollywood from Bolour Associates for $23.65M. Built in 2012, the Infinity West garden-style apartment building sits near the intersection of Sunset Boulevard and La Brea Avenue. Goldrich Kest President Carole Glodney said the firm plans to invest more than $500K to upgrade the property. HFF Managing Director Blake Rogers represented the seller. Goldrich Kest was self-represented.
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Miramar Capital has purchased a 77,201 SF Class-A office building in Torrance from Mar Ventures for $19.1M. The building sits on 3.78 acres at 20285 South Western Ave. and is triple-net leased to Maritz Holdings Inc., a sales and marketing services company. Newmark Knight Frank’s Kevin Shannon, Ken White and Michael Moore represented the seller. Miramar Capital was self-represented.
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Crescent Capital Partners has purchased two parcels totaling 19K SF in Los Angeles from Kessab L.P., owner-operator of West Hollywood Automotive Service Center, for $7M. The property at 5570 Melrose Ave. near Larchmont sold for $373/SF. The property is entitled for the development of a 52-unit mixed-use apartment complex. CBRE’s Fred Aframian, Joyce Goldstein and Ed Matevosian represented the seller.
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A private buyer has purchased an 18K SF building in Yorba Linda from the Yorba Linda Church of Christ for $4.9M. The property at 4382 Eureka Ave. sits on 3.8 acres. Lee & Associates’ Allen C. Buchanan and Joshua Harper and NAI’s Thomas Smith represented the seller. Keller Williams’ John Vardo represented the buyer.
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Warner Estates LLC has purchased a seven-unit multifamily building in West Los Angeles from a private investor for $3.03M. Built in 1962, the Durango Apartments at 3108 South Durango Ave. was fully vacant and sold for $432K/unit. Stepp Commercial’s Kimberly Stepp and Mark Ventre represented the seller and buyer.
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EXECUTIVE NEWS
Pasadena-based C.W. Driver Cos. has promoted Brent Hughes to vice president of operations. Hughes will be responsible for overseeing the company’s projects in the retail, commercial, office, hospitality, gaming and mixed-use industries. He will lead teams to see projects from construction to completion. Hughes has 20 years of experience and joined C.W. Driver in 2011 as a project executive.
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Alicia Williams has been named as a senior associate at SharpLine Commercial Partners. Williams, a U.S. Navy veteran, will be a specialist in retail property sales and leasing and focus on transactions in the West Hollywood and Silver Lake submarkets. Prior to joining SharpLine, she was an associate at CBRE.
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