Located at 3020 NE 45th St., the property is ground leased to the Safeway grocery chain, which has operated as a tenant at the site since 1976. At nearly 2 acres, a Safeway site is the largest held under private ownership brought to market in recent history.

Albertsons Companies, parent company of Safeway, acquired the 1.82-acre property in Seattle’s University District for $25.05 million. The company already owns the surrounding 2.2 acres. The acquisition brings Albertsons holdings to more than 4 acres, creating one of the largest contiguous development sites in Seattle.

Dino Christophilis and Daniel Tibeau with CBRE in Seattle represented the seller, a private family trust.

“Its proximity to the thriving population around the University of Washington and U-Village position it among the most desirable tracts of land in all of Seattle, netting substantial investor interest,” said Christophilis. “In the end, Albertsons exercised its right of refusal to successfully acquire the site and create a contiguous holding of significant size.”

The site is zoned for a range of uses, including market-rent housing, student housing, medical office, hotel, retail, assisted living or entertainment.