X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VENICE, CA-The United States Postal Service is disposing of a parcel of nearly two acres a block and a half from the Pacific Ocean in what represents a rare offering of an infill site that is both close to the beach and near existing commercial development, according to the broker who has the disposition assignment. Grubb and Ellis vice president Martin McDermott tells GlobeSt.com that parcels of this size with development potential rarely come to market in the area, and those that do are usually farther east.

The property that McDermott is marketing for the USPS is a 1.78-acre site at 313 Grand Blvd. that serves as a carrier annex for the postal service. The site, which was originally developed as a Safeway grocery store in the 1950s before becoming a postal facility in the 1970s, includes a 15,800-square-foot building and a 135-space lot with a loading dock.

“It’s unprecedented to have this much commercial land in one contiguous plot, owned by one owner, available for sale this close to the ocean and this close to an existing commercial corridor (The Abbot Kinney Boulevard commercial district)” says McDermott. The Grubb & Ellis broker currently is reviewing submissions from prospective buyers who answered a request for proposals for the site, for which the deadline was Sept. 30. McDermott estimates that the USPS will select a buyer within about two months from that Sept. 30 deadline.

The USPS did not list an asking price in its offering for the property, which has drawn interest from potential buyers throughout the US, including New York, Chicago, Dallas, San Francisco and Southern California, according to McDermott. He notes that those who responded to the RFP include owner-users, investors and developers.

What will ultimately go on the 313 Grand Blvd. site will be determined by a discussion involving the ultimate buyer, community representatives, city officials and others, McDermott says. Retail, hotel, office and residential development would all be possibilities, depending on what the buyer and the community ultimately decide, he adds.

The disposition of the carrier annex is part of a program in which the USPS is reevaluating and consolidating mail processing and delivery operations nationwide. The 313 Grand Blvd. facility has been deemed a site whose function could be relocated to a lower-cost area. The facility houses mail carrier operations only and is not a retail location serving the public.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.