PALO ALTO — JJ&F Market, whose homeowners as soon as operated a beloved neighborhood grocery retailer in Palo Alto, has struck a deal to return to its previous location on El Camino Actual close to Stanford College, officers mentioned Tuesday.
“I’m delighted to see JJ&F reestablish the cherished market in its former Faculty Terrace location,” Palo Alto Mayor Liz Kniss mentioned. “That is welcome information for the group and everybody concerned.”
JJ&F market signed a 10,600-square-foot lease for the at the moment vacant grocery retailer area in an workplace, business and residential complicated totaling 80,000 sq. toes at 2100 El Camino Actual. A gaggle working as AGB Pact Proprietor paid $78.three million in money on June 29 for the property, which is within the bustling Faculty Terrace district of Palo Alto.
The brand new possession group, managed by Palo Alto-based developer Blox Ventures and New York Metropolis-based realty funding agency Angelo, Gordon & Co., instantly got down to entice JJ&F Market again to its previous stomping grounds.
“We not solely needed a high-quality market on the property, however particularly focused JJ&F Market to convey it again to its former residence,” mentioned Jason Oberman, chief government officer with Blox Ventures. Blox is main the leasing and advertising and marketing of the property, whereas Angelo, Gordon is the monetary accomplice within the enterprise.
The JJ&F Market will supply a menu ready by Daniel Sanchez. Sanchez’s expertise contains Michelin-starred and different high eating places comparable to Abac, The French Laundry, La Toque, Cyrus, Morimoto, Le Cirque, and Evvia Estiatorio.
“A true win for the group, and a private pleasure for me as my household loved frequenting it from my childhood till it closed a decade in the past,” is how Oberman described the profitable leasing cope with JJ&F Market.
The native Khoury household owned and operated a market on the location till the household exited that location and the grocery constructing was torn down in 2014, halting six a long time of retailer operations there. The property was bulldozed and gave strategy to the prevailing growth.
Notable present tenants embody First Republic Financial institution and New Mozart College of Music. The Faculty Terrace Market started working on the property in 2017, however by early this yr, the grocery store had closed its doorways, leaving a key storefront vacant.
“After 43 years in enterprise having fun with serving individuals throughout the higher Bay Space, my household, together with generations from my uncle to me and my sons, are very personally thrilled to return to our first roots right here in Palo Alto” mentioned Jalil “Papa Joe” Khoury, a principal government with JJ&F Market.
Quickly after the Blox and Angelo, Gordon buy of the location, which covers a whole metropolis block, Oberman mentioned his group sees loads of potential within the location. It’s a number of blocks from the southern borders of Stanford College and practically adjoining to the California Avenue space, a classy and busy retail and restaurant district.
“This a part of Palo Alto is basically evolving,” Oberman mentioned. “It’s close to transit, close to retail. The realm is including new eating places, retail and growth and is changing into of higher curiosity.”