Cross Border News
Pattison Acquires Two Lucky Supermarkets in Bay Area
The Jim Pattison Group has acquired two Lucky Supermarket locations in the San Francisco Bay Area, according to multiple reports.
The Canadian conglomerate purchased the stores through its U.S. real estate arm from related firm Save Mart Cos. Pattison acquired Save Mart and its 194 stores in 2024.
Frank Picard, vice-president of Pattison Developments U.S., essentially confirmed the acquisition while discussing it in an interview with the San Francisco Business Journal.
The newly acquired San Francisco store is located at 1750 Fulton Street and spans 58,000 square feet.
Some residents have expressed concerns that the store could close following other recent business closures in the area, including a Safeway outlet. But Picard told the Journal that the location will remain open “for the long term.”
Pattison has extensive grocery-store holdings in Canada and the U.S. The company is known more for expanding stores than closing them.
The second newly acquired Lucky Supermarket store is situated at 2027 Camden Avenue in San Jose. It was purchased for $24.3 million in an all-cash transaction, the SiliconValley.com reported.
The report cited documents filed on January 28 with the Santa Clara County Recorder’s Office. The supermarket serves as one of the anchor tenants of Camden Park, a retail and restaurant centre at the intersection of Camden Avenue and Union Avenue.
Save Mart originally acquired the store for $19.5 million in 2020, indicating that Pattison paid a premium for it. SiliconValley.com report. Following that purchase, Save Mart signed a 16-year lease for the property, with multiple five-year extension options detailed in the rental agreement, according to the report.
Jim Pattison Developments U.S. was founded in 2006. The Jim Pattison Group holds numerous commercial real estate assets across a wide array of industries. The parent firm was created in 1961 by legendary Vancouver-based billionaire Jimmy Pattison, who originally made his fortune selling automobiles.
With the acquisitions, Pattison slightly expands its foothold in the U.S. grocery market. Save Mart operates grocery stores in eastern and central California and Nevada under the Lucky, Save Mart, Lucky, FoodMaxx and Maxx Value banners.
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