Amazon Fresh Store Trades for $35M in LA’s Westside
The grocery store spans nearly 30,000 square feet near Culver City and Inglewood
One year in, and Amazon Fresh has easily infiltrated the brick-and-mortar side of grocery shopping.
Newmark announced that Red Mountain Retail Group sold an Amazon Fresh grocery store on Los Angeles’ Westside at 6855 La Cienega Boulevard for $35 million. Records show it was acquired by M. David Family Holdings, a private family office.
The 29,456-square-foot store is located between Culver City’s Fox Hills neighborhood and the city of Inglewood, near the intersection of La Cienega Boulevard and Centinela Avenue. It’s also located adjacent to a 4,000-square-foot Chick-fil-A restaurant that Red Mountain Retail recently sold to a different buyer for $13.7 million, as well the Ladera shopping center, which features a Ralph’s grocery store, Dave’s Hot Chicken, and more.
Newmark’s Bill Bauman, Kyle Miller and Matt Schwartz represented the seller. Kevin Held at Cushman & Wakefield represented M. David Family Holdings.
Last year, Amazon launched the first Amazon Fresh store in L.A.’s Woodland Hills neighborhood. The stores offer conventionally produced goods and other prepared meals. Although Amazon owns Whole Foods, the new Fresh stores are not supposed to compete directly with those outlets, which only sell organic products.
Grocery stores have emerged from the pandemic as one of the few safe havens among retail investors, and it’s one of the retail asset types expanding in 2021. Grocery-anchored retail has maintained high demand throughout the coronavirus crisis compared to other sectors, benefiting greatly from being able to remain open through the economic lockdowns. And Amazon Fresh specifically benefits from offering delivery services.
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