An Amazon Fresh-leased building on the Westside has sold for $35 million to a private family office.
M. David Family Holdings bought the 30,000-square-foot property at 6855 La Cienega Boulevard from Red Mountain Retail Group, according to Commercial Observer.
The grocery store, which sits on a sliver of land between Inglewood and Culver City, opened in January, according to a Red Mountain Retail press release.
The commercial strip also includes a Ralph’s grocery store, Marshalls department store, and several fast food restaurants. Red Mountain Retail recently sold a neighboring building leased to Chick-fil-A for $13.7 million.
Amazon launched the Amazon Fresh brand in Los Angeles in 2019 with a handful of stores, and quickly expanded to other cities.
Amazon’s website lists six stores in L.A. and two in Orange County, although the company signed leases for a dozen stores in L.A. as early as October 2019.
The Amazon Fresh brand is positioned as a more affordable option to Amazon’s pricier Whole Foods chain. It carries products found at most other conventional grocery stores.
Foot traffic to grocery stores declined during the pandemic, but the sector weathered the pandemic better than many other retailers, thanks in part to remaining open throughout wider retail closures.
Around half of companies operating grocery stores plan to expand their footprints this year, according to a RetailSphere survey covered by Commercial Observer.
[CO] — Dennis Lynch
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