"Per reporting from the Los Angeles Times' Studios arm, Monrovia-based Trader Joe's has spent eight figures on a 1.4-acre parcel just over a mile inland from the coast. The corner site doesn't just offer premium visibility for high-net-worth locals in Santa Monica, where the median home price is over $1.8 million, it also offers 125 parking lot spaces and over 17,000 square feet of retail possibilities, both larger than the average Trader Joe's store."
"Trader Joe's is not afraid to spend money - it's just a matter of where. The ultra-popular California grocery brand is constantly fielding well-meaning offers from fans to open up in their specific community, and is frequently pursuing batches of new locations. Still, it's not every day that Trader Joe's shells out $22 million just for the right to build a grocery store on a particularly desirable corner."
Trader Joe's purchased development rights for the former Rite Aid at 1331 Wilshire Blvd. in Santa Monica for $22 million. The parcel spans 1.4 acres located just over a mile inland from the coast. The site includes 125 parking spaces and more than 17,000 square feet of retail potential, both larger than the average Trader Joe's store. The location sits between the beach, upscale Brentwood and Riviera Country Club, and serves a community with a median home price above $1.8 million. The site borders Vons, a larger grocery competitor. No opening timetable has been announced. Trader Joe's now exceeds 600 locations nationwide.
Read at SFGATE
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