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March 26, 2021

U Village Safeway land sells for $25M

By JOURNAL STAFF

SEATTLE — Safeway has paid over $25 million for the land it ground leases at 3020 N.E. 45th St., just east of University Village. King County recorded the sale on Wednesday.

CBRE represented the seller, the Vivolo family, which appears to have acquired the property in 1966. Safeway developed the store in 1975, and also owns the parking lot and some other, smaller parcels.

County records are slightly at odds with the CBRE listing, which went on the market in October. CBRE's Dino Christophilis and Daniel Tibeau say the Vivolo property totals about 1.8 acres, meaning the deal was worth about $319 per square foot.

Separately, the store has 31,927 square feet. Safeway's 50-year lease expires at the end of January 2025, according to the brokers. The grocer's rent is well below market-rate, they say.

Safeway-Albertsons also owns the Burgermaster parcel and others that add up to about 1.7 acres.

According to his Seattle Times obituary, Tony Vivolo (1914 – 1996) sold flowers in the Pike Place Market during the 1920s, turned to the grocery trade in the 1930s, operated a vegetable farm in Tukwila and began investing in real estate — which became his profession by the 1950s.




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