June 24, 2025

Admiral Safeway sells for over $34M

Photo courtesy of JLL [enlarge]

SEATTLE — The Safeway at 2622 California Ave. S.W. sold this week for $34.5 million, according to King County records.

The seller was SVF Admiral Safeway Seattle LLC, which is associated with American Realty Advisors of Los Angeles. It acquired the newly developed building, plus other retail, in 2012 for about $30.7 million. Local shop Madison Development Group was the original developer — as with the subsequent attached Element 42 apartments, not a part of this week's trade.

The buyer was SSV Admiral Junction LLC, which is associated with a Chicago investor group. Public records indicate a small loan from a member of the new ownership.The deal was worth about $477 per square feet. (Update: Days after the sale, JLL announced that its Daniel Tyner, Geoff Tranchina, Gleb Lvovich and Zach Koucos represented the buyer, Silver Star Ventures.)

Developed in 2011, there's also a separate line retail building with tenants including Umpqua Bank. That contributes to about 74,179 square feet of retail.

Safeway replaced one of its old stores with the new development, working with Fuller/Sears Architects and Chinn Construction. A condo was created, then Safeway — now a part of Albertsons — sold its portion to American Realty Advisors and became a tenant. The 78 apartments at Element 42 then followed.

The Admiral Safeway had been on the divestiture list for the proposed Kroger-Albertsons merger; that deal collapsed last year. There's likely a new lease, or lease assignment, with the new owner, which the county hasn't yet recorded.