February 7, 2023 Breaking News, Latest News, and Videos

Euro Investment Firm Buys Santa Monica Whole Foods Property for Over $50 Million

Whole Foods Santa Monica property sold to Deka Group

By Dolores Quintana

One of Europe’s largest investment firms has purchased a plot of land in Santa Monica containing a Whole Foods for over $50 million. 

Tooley Interests, a real estate developer based in Santa Monica, sold the property to Deka Immobilien, the Deka Group’s division that handles real estate properties management for the company for $54.3 million as reported by Commercial Observer.com. The store is located at 2121 Cloverfield Boulevard and is 29,064 square feet of commercial space that houses the Whole Foods Market. Bayerische Landesbank financed $26 million of the cost and Deka used its Deka-ImmobilienNordamerika real estate fund to complete the purchase. 

This property is the second asset added to Deka’s holdings on the West Coast after their acquisition of the Rockwood Lincoln office building in Downtown Los Angeles in late 2020. Before these purchases, Deka Immobilien, one of Europe’s biggest real estate investment firms, only had property holdings on the East Coast. 

Driss Oualkadi, the president of Deka-Immobilien, highlighted the reason for the purchase of the property by commenting, as quoted by Commercial Observer.com, “Since grocery stores are experiencing record sales, we were drawn to this stand-alone, single-tenant Whole Foods Market, as it is the perfect investment for a long-term investor.

The property was bought by Tooley Interests back in 2013 and after putting in a substantial effort to redevelop the space, Whole Foods leased the space in 2017  and has remained there since. 

The sale was brokered by JLL’s Gleb Lvovich, Geoff Tranchina, Bryan Ley and Dan Tyne. Lovich said, as quoted by Commercial Observer.com, “The sale of Whole Foods Santa Monica demonstrates continued demand for net-leased real estate in strong locations with credit and a durable business.” 

During the pandemic, real estate investors have put their trust and their money into investing in grocery store properties as seen with the sale of a Westside Amazon Fresh store that was purchased for $55 million last year.

Related Posts

Sofia Klatzker Named Cultural Affairs Manager of Santa Monica

February 6, 2023

February 6, 2023

Klatzker to replace Shannon Daut in role to oversee arts, culture and creative policies in the City Sofia Klatzker has...

Duo Charged for Alleged Caregiver Fraud Scheme Against Malibu Physician Who Was Drugged With LSD in Final Days

February 6, 2023

February 6, 2023

Anthony David Flores and Anna Rene Moore face up to 20 years in prison A Fresno hairstylist and an actress...

Metro Working on Plan to Provide Shelter for Homeless Passengers When Trains Are Emptied

February 6, 2023

February 6, 2023

Metro estimates that 800 people use Metro train and rapid transit bus stations as shelter each night By Dolores Quintana...

Arrests Made in Daylight Armed Robbery of Rolex in Downtown Santa Monica

February 6, 2023

February 6, 2023

Leroy McCrary and Donta Baker arrested in connection to September robbery By Sam Catanzaro Two men have been arrested for...

Santa Monica Nonprofit WISE & Healthy Aging Launches Advocacy Website

February 6, 2023

February 6, 2023

WISEOmbudsman.org designed to provide tools s to those who are looking to get better care in a skilled nursing or...

Tishman Speyer Announces Basis Investment Group as Equity Partner for Santa Monica Collection

February 3, 2023

February 3, 2023

BIG’s $30 million commitment — 11 percent of total equity — to the 3.1-acre mixed-use development will help create 617...

SMa.r.t. Column: To a Better Housing Element

February 3, 2023

February 3, 2023

Your City is busy rewriting much of its zoning code to implement our new Housing Element as demanded by the...

Two Industry Titans Invest $30M in Lavish Pacific Palisades and Santa Monica Homes

February 3, 2023

February 3, 2023

David Bonderman and Christa Campbell recently acquired two lavish homes By Dolores Quintana Private equity tycoon David Bonderman and his...

Four-Year-Old Mountain Lion P-81 Found Dead on PCH

February 2, 2023

February 2, 2023

P-81 found on Pacific Coast Highway near Las Posas Road On Sunday, January 22, the California Department of Fish and...

Rep. Lieu Secures $2.5 Million for Local Projects in Santa Monica

February 2, 2023

February 2, 2023

Funding will go towards Santa Monica Behavioral Health Center and Ready to Succeed Scholarship program  By Sam Catanzaro ​​Congressman Ted...

Steve Marcy, Beloved Lincoln Middle School Teacher and Scoutmaster, Passes Away at 77

February 2, 2023

February 2, 2023

Longtime Lincoln math teacher passes away  ​​Steve Marcy, beloved Lincoln Middle School teacher and Scoutmaster of Santa Monica Boy Scout...

California Referendum Postpones Controversial Fast Recovery Act That Would Increase Hourly Wages for Fast-Food Workers to $22

February 1, 2023

February 1, 2023

AB 257 would create a board of 11 appointees to negotiate on behalf of fast food workers in California Last...

Highly-Anticipated Downtown Santa Monica Restaurant Close to Opening

February 1, 2023

February 1, 2023

Bar Monette close to opening at 109 Santa Monica Boulevard By Dolores Quintana Bar Monette is almost ready to open...

SMC Receives Grant to Expand Access to Critical Support Services for Foster Youth

February 1, 2023

February 1, 2023

New NextUp program will provide academic & comprehensive support, plus direct financial aid to foster youth enrolled at SMC Santa...

Find Inspiration in Moses Sparks’ Latest Collection of Tree Portraits in the Santa Monica Mountains

February 1, 2023

February 1, 2023

The exhibition and sale run from February 1st – 26th at the King Gillette Ranch Visitor Center  Internationally-acclaimed wildlife photographer,...