By TRILBY BERESFORD | Reporter
Gelson’s Market in Pacific Palisades has been a community staple since 1978, serving a wide variety of grocery items and elevating itself with a coffee bar, bakery and full-service deli.
This property, along with the Calabasas and West Hollywood locations, was recently listed for sale through Holliday Fenoglio Fowler—though all three supermarkets will be staying put under the operation of new landlords.
“The property is 100 percent leased to the top-performing Gelson’s Market in the country on a new 20-year absolute NNN [net] lease with 10 percent rent increases every five years,” according to the Palisades listing.
On the phone with the Palisadian-Post, Gelson’s Executive Director of Marketing Yvonne Manganaro clarified that this was the “best time” to put the three properties up for sale.
These deals will conclude Gelson’s real estate ventures, as the company’s additional 24 properties in California are not owned by the corporation.
Manganaro emphasized that redevelopment by a new landlord is not a risk or an option as they “simply won’t consider” any deal that includes tenant renegotiations.
With its history of top performing business and positioning on Sunset Boulevard beside Caruso’s brand new Palisades Village, the sale presents a unique opportunity for an investor to swoop in and work silently in the background.
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