ECHO PARK –– If you don’t mind the narrow aisles and sometimes pungent aromas, a visit to A Grocery Warehouse reveals a wide variety of common and hard-to-find Asian foods, ranging from fresh lemon grass to Thai tea popsicles and chunks of tofu. But now the fate of the Asian grocery store is up in the air after the building and adjoining properties have been put up for sale for an undisclosed price, according toLoopNet.
The offering includes only the property and buildings- not the existing businesses on Sunset Boulevard near Portia Street. But the listing says that “all buildings can be delivered vacant upon close of escrow.” (The adjacent buildings that house the bar Little Joy and Trencher restaurant are not included.) In addition to the A Grocery Warehouse building, the deal also includes a former Chinese BBQ restaurant space, parking lot and a nearby two-story building that once housed a video store.
What can you do with an approximately 36,000-square-foot chunk of Echo Park along a “famous” stretch of Sunset? The listing plays up the potential for a multi-storied, mixed-use development:
The site provides an exciting opportunity for a mixed-use project consisting of ground floor retail on Sunset Blvd. with 3-4 levels of condo or apartment units and parking stalls in the rear. Ingress/egress points are provided by McDuff Street and a back alley off Portia Street on the NE corner.
Better start looking for a new place to buy some cheap bok choy.
Update: Philip Poth, the listing agent for the property, said the $10 million price as stated in LoopNet was not correct. He provide more details about the listing:
The sellers do not have immediate plans to close up shop. They are exploring all avenues including a sale leaseback or a joint venture which could include the store remaining at the location. They are also exploring a partial lease of part of the property which would not include the store as another option.
The $10 Million listing price is not correct as the store is currently listed as unpriced since there are numerous scenarios being entertained which could include a wide range of prices.