The 1950s property could be redeveloped as condos
An incongruously rustic market in posh Bel Air is seeking a buyer for the first time in nearly six decades.
The grocery business, Bel Air Foods, is not for sale, but the 11,000-square-foot commercial building that houses it—along with a 45-space parking lot—hit the market last week without an asking price (buyers should make offers base on the property’s “as is, where is” condition).
The property, listed with Michael Preiss and Erica Taylor of rsf LA, is being sold as a development opportunity. A brochure advertising the listing notes that, given the immense value of residential real estate in the area, the roughly one-acre parcel “would be best redeveloped into multifamily apartments or condominiums.”
In business since 1952, Bel Air Foods and two other tenants have the building leased until 2021, but the listing material suggests that might be a positive thing for buyers; they’ll have a source of income “while undergoing the permitting process.”
Newer complexes in the Bel Air aren’t unheard of though. In 2014, the Empire at Bellagio apartments opened in the neighborhood with 23 units starting at $3,300 per month. Amenities include a dog park and a designated tanning area.
- Bel Air Gets Rare Apartments With Rents Starting at $3,300 [Curbed LA]
- The 10 richest neighborhoods in Los Angeles [Curbed LA]
- Mapped: The 25 most expensive houses for sale in LA [Curbed LA]