Thursday, October 27, 2016

Echo Park Asian grocery market property now on sale for [updated]

Echo Park Grocery Warehouse property and Asian market 6-6-2015 11-10-57 AM

Eastside Property

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.

Echo Park Grocery Warehouse property and Asian market 6-6-2015 11-09-35 AM

Two-story building at Sunset and McDuff Street is included in the offering.

Echo Park Grocery Warehouse property and Asian market 6-6-2015 11-11-44 AM

Restaurant space next to the market is included as part of a deal

Echo Park Grocery Warehouse property and Asian market 6-6-2015 11-11-38 AM

The sale includes about 36,000-square-feet of property

The sale includes about 36,000-square-feet of property

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  1. Oh man…I guess it was inevitable, but I’ve been coming here since I was a little kid. Really gonna miss the place. Funny how you can develop an attachment to a place that smells like fish and mothballs. I better go buy all of their double black soy sauce for old times sake.

    • I like this place but let’s be honest, its a pretty lousy market.

      and happy to know something’s finally going to happen with the eyesore vacant building across the parking lot.

      • Oh, for sure. I live in Highland Park now and the Asian Markets in the SGV are several measures better than A Grocery. It’s purely sentimental. It’s like my father’s attachment to Clifton’s Cafeteria. We used to go before it closed and I found the food to be barely edible, but to Dad it was the cool place he went to as a kid.

        • Sure there are better markets than A Grocery in SGV, but that’s like saying we don’t need a Trader Joe’s here because there’s a big one in Pasadena. Some people like to stay in their neighborhood for their shopping.

  2. Nooooooooooo this is probably my most visited business in Echo Park – it’s such an asset to the community, with its inexpensive produce, decent meat and seafood counters, the boxes of yellow mangoes, not to mention every kind of Asian sauce, spices and condiments imaginable.

    I really hope that whomever buys the property decides to keep the market, or maybe the property is subdivided so that the market remains.

    • This is so awful: “Please do not disturb the tenants in any way as they are entirely unaware of the sale. Drive-by viewings are acceptable and highly encouraged.”

      • That’s some pretty shady business practices going on.

        Thanks for pointing that out.

      • I don’t know if this is BRC Advisors (the list agent) being Elmer-Fudd-like (be vewy vewy quiet, I’m hunting wabbits) or just clumsily stating that the tenants have not been asked to accommodate potential buyers, so don’t expect a tour. Either way, they come across as foolish.

  3. $10 million!? Wow.

    Probably another bar/restaurant space that’ll be useless in 10 years after gentrifiers move further East.

    Or another apartment complex with little to no parking crammed in there.

  4. Boy is that place going to sell fast.
    I actually shop here quite a bit, but as far as I know, this store had never been involved with the community. I’m all for businesses that are active members of the Echo Park community. I bet it sells gas and they put up a mixed use apartment complex there.

  5. $277 per sf land is WAYYY overpriced. Don’t worry, I have a hard time seeing this selling to a developer in this market.

    • the rarity of a slice on a major strip like sunset blvd begs to differ.

      • Yes it has a lot of value, we will see if ends up selling. Its a hot market so who knows! I know of an development site selling in Silver Lake (better area) on Sunset Blvd for $180 per SF land. Thats the most direct comparable. Go figure

  6. Aw no. Have to say, I really, really don’t like what’s happening to EP, and my entire hometown. Seems Alighty Mammon is keen on ridding the city of that good ol’ L.A. feel.

    • Yeah where are some gang shootings to get us that local flavor back??

      • I laugh when I hear people talk about the good ol’ days in EP. Cool, all the “evil gentrifiers” will move out and you can have blocks upon blocks of graffiti, suffering business, gang shootings and the list goes on.

  7. No, the Echo Park city council only cares about you if you can afford to shop at Lassen’s.

  8. Love that market. I go every day. I’m sure it will still be there a year from now. I will continue going until the very last day. Peace.

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