Bryan Palbaum Of Trader Joe's Purchases Retail Space At 1331 Wilshire Boulevard For $22M

This retail asset, located at 1331 Wilshire Boulevard in Santa Monica, encompasses 1.4 acres and has a total square footage of 17,800. The property was sold for $22 million, translating to approximately $1,236 per square foot. The site previously housed a Rite Aid store and is part of Trader Joe's Southern California expansion.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $22,000,000
• Address: 1331 Wilshire Boulevard
• Market: Santa Monica
• Square Footage: 17,800
• Price Per Square Foot: $1,236
• Buyer: Bryan Palbaum
• Company: Trader Joe's

Trader Joe's acquisition is part of a broader strategy to expand within Southern California, amid growing demand for prime, second-generation retail locations. The deal aligns with ongoing industry trends as Rite Aid undergoes a selloff driven by bankruptcy, impacting the retail landscape in Santa Monica.