The loss of a neighborhood institution is a somber occasion for a neighborhood like the Mission.
But if the institution is the former Lucca Ravioli, an Italian goods store beloved by many locals, the pain of that loss for the onetime owners may be assuaged by the injection of seven figures into their revenue stream.
According to the listing, the main Valencia Street building sold in April for $1.7 million, netting just over the $1.45 million asking price after three months on the market.
Although that was the most highly visible part of the Lucca properties—the store itself was the most modest offering—the nearby warehouse and food processing space sold in July for more than $3.12 million.
But wait, there’s more: Mission Local reports that owner Michael Feno also sold a third building and a nearby parking lot, bringing the entirety of his Valencia Street sales to roughly $7 million.
Now Feno plans on retiring to a farm in Sebastopol. While it’s sad to watch an icon of old San Francisco depart—the Lucca store first opened in 1925, and the circa-1907 building has had almost no other tenants since the day it was built—it’s not hard to see why even longtime business owners might consider selling.
Case in point, when Aardvark Books shuts its doors, at 227 Church, based on the decision of both store and building owner John Hadreas, regulars mourned the loss of another neighborhood mainstay. Hadreas, however, nabbed $2.43 million for the property.
But in true San Francisco fashion, it remains vacant one year after it sold.