Culver City sees pair of large Retail Parcel Sales
The former Big Lots location could become a supermarket and a retail shopping center also changed hands last week.
Last week, a pair of major retail locations relevant to Culver City were sold, with one potentially paving the way for a significant new business in the City's community.
According to initial information from the real estate transaction website Traded, the parcel at 5573 Sepulveda Boulevard has a new owner. Supermarket chain Super King Markets was initially listed as the buyer for the property, which encompasses businesses from 5573 to 5581 Sepulveda Boulevard, on January 8 for $23.8 million. This identification was removed later, and the buyer has not been reidentified.
The 43,784-square-foot property at the corner of Jefferson and Sepulveda houses a group of businesses once anchored by Big Lots, who nearly closed all its physical locations late last year.
Big Lots declared bankruptcy, but the discount retail chain found a deal last month to keep some physical stores open. However, the store at this property already closed late last year, leaving most of the building on the more than two-acre lot empty.
Big Lots' potential replacement, Super King Markets, is a supermarket chain specializing in international foods. Founded in 1993 by the Fermanian Family as Anaheim King Markets, the chain has grown to eight locations across Southern California, from Altadena to Los Angeles to Van Nuys.
The broker lauded this parcel, which encompasses the businesses located at 5573-5587 Sepulveda Boulevard, for its size and location. Seller Joffe Properties and representing broker Chris Comfort from Apex Properties called Culver City a "highly desirable" market, resulting in over a dozen offers for the "trophy asset." The result of this competitive process is a price of $543 per square foot.
The original social media post about the sale published Wednesday originally listed Jake Fermanian, Vice President of Super King Markets, as the buyer being represented by Springstead & Associates. However, Fermanian's name was later removed, and no other buyer has since been identified.
According to Comfort, Big Lots' ongoing financial issues made the transaction significantly more difficult. Sales are scrutinized considerably while the seller is in bankruptcy, and the transaction needs to go through a court approval process on top of the already present requirements.
"The closing of this deal was a significant achievement for the brokerage team, especially given the complexities introduced by the bankruptcy of the anchor tenant," the sale announcement reads.
A shopping retail center adjacent to businesses in Downtown Culver City at 10020 Venice Boulevard was also purchased last week, this time by American Hartford Gold (AHG) founder and CEO Sanford Mann. AHG is a precious metal trader specializing in gold and silver investments and has been honored several times as one of America's fastest-growing companies.
The center was purchased for $6.695 million on January 7 after another competitive process, with close to a dozen bids placed for this property. It spans 9,773 square feet on a 16,826 square foot lot and has eight built-in storefronts with seven tenants.
It is located on Venice Boulevard and Clarington Avenue, just one street north of Culver City's Downtown Area.
This sale was at an even higher rate per square foot than the 5573 Sepulveda Boulevard sale at $685 per square foot. The Hirth Group represented the buyer Mann, while the seller — listed as David Magven — was represented by Douglas Elliman.
It is unclear if structural changes will be made to either building following these purchases.
Comments ()