By CHRISTIAN MONTERROSA | Reporter
Eyebrows were raised after the lot at 15424 Sunset Boulevard, which currently hosts Gelson’s Market, was put on the market at the tail end of 2018.
In April 2019, the property was sold to the Beverly Hills-based Marc Ittah Trust for a whopping $51 million as part of a $115 million sale-leaseback transaction with two other Gelson’s locations.
But it will be business as usual for the Palisadian supermarket, who confirmed to the Palisadian-Post that it will continue to do business in the Palisades.
“We’ve been a part of the community since 1979 and will continue to be a huge part of it,” said Jake Cheung, a spokesperson for Gelson’s, which operates 28 locations throughout Southern California. “We strive to provide our customers with the freshest produce … and of course, our unsurpassed customer service!”
In 2018, a Gelson’s executive told the Post that redevelopment by a new landlord was not a risk for the store, as they “simply won’t consider” any deal that includes tenant renegotiations.
The Marc Ittah Trust is known in the commercial real estate world for its multi-million dollar transactions like the purchase of a Target-leased property and selling a Whole Foods-leased parcel for $105 million. Instead, Gelson’s will be digging its roots deeper into Palisadian soil, as the grocery chain is preparing its 40th anniversary celebration on August 24 and 25.
The event will feature free samples throughout the store, an anniversary cake, free groceries giveaway every hour, live music and more. The Encino-based company recently made headlines for its addition of grocery executive Sue Klug to its board of directors in July.
“We are thrilled to have Sue Klug join our Board of Directors,” said Rob McDougall, CEO of Gelson’s, in a statement. “Her savvy marketing and operations experience in wholesale grocery, supermarket retailing and waste/recycling services will bring valuable insight to Gelson’s, and we are grateful to have her onboard.”