 |
SOLD: a site with three retail buildings
in the Los Angeles Mid City
submarket for $6 million |
Los Angeles, CA, July 29, 2024 — Privately owned real estate finance, development and
investment company Bolour Associates Inc. (BOLOUR) has
acquired a site with three retail buildings in the Los Angeles Mid City
submarket for $6.04 million.
BOLOUR will repurpose all
three buildings for commercial uses that reflect the area’s art-centric culture
and popularity as a leading Los Angeles cultural destination. Long term, BOLOUR
plans to develop the site into 120 multifamily residential units.
Located on 0.52 acres at 601, 611 and 619
S. Fairfax Ave., the buildings offer more than 11,500 square feet of net
rentable area. This includes a former 99 Cents Only store, prominently located on the corner of
Fairfax Avenue and Sixth Street.
Bolour purchased the 99
Cents Only property through
a bankruptcy auction after Number Holdings Inc., the parent company of 99 Cents
Only Stores LLC, filed for Chapter 11 bankruptcy earlier this year and closed
all of its stores.
Bolour intends to
renovate the Fairfax Avenue buildings to embrace the area’s art culture, with
space catering to gallery, design, furniture and showroom uses.
The property sits between the Wilshire Boulevard and Third Street
thoroughfares, with proximity to Interstate 10 and nearby shopping,
dining and cultural attractions.
 |
Mark Bolour
|
This includes a location
directly across the street from the
Los Angeles County Museum of Art, which is currently undergoing a $750 million
expansion with the addition of the David Geffen Galleries expected to open
later this year, as well as the Academy Museum of Motion Pictures, the Peterson
Automotive Museum, the George C. Page Museum and the La Brea Tar Pits.
Collectively, these destinations help to make up “Museum Row” on the Miracle
Mile.
The Fairfax buildings are
a five-minute walk from the future Metro D Line Subway’s Fairfax/Wilshire stop,
which is slated to open in 2025 and is one of two possible transfer stations
with the K Line Northern Extension to Hollywood that is currently under study.
It is also walkable to Hancock Park, CBS Television City, Craft Contemporary,
Farmers Market and The Grove.
“This acquisition on Fairfax Avenue continues BOLOUR’s
engagement and strategic redevelopment in LA’s urban core,” said BOLOUR CEO Mark
Bolour.
 |
South Fairfax Avenue, Los Angeles, CA.
|
“We are excited to
transform these buildings to commercial uses that align with the area’s
creative character and with the demand generated from immediate neighbors such
as the Los Angeles County Museum of Art. Longer term, the site provides equally
promising opportunities for much-needed multifamily units.”
In February, BOLOUR completed a $4.45 million retail
center acquisition less than two miles away, at 5151 W. Pico Blvd. The company
is also in varying stages of development on multiple nearby multifamily
projects.
This includes newly
entitled properties at 4800 W. Melrose Ave., in East Hollywood’s Melrose Hill
neighborhood, 1330 W. Sunset Blvd., across from Dodger Stadium, and 2424 S.
Veteran Ave., in the Rancho Park neighborhood of West Los Angeles.
BOLOUR was self-represented in the Fairfax retail acquisition.
Hilco Global represented the property seller.
CONTACT:
David Ebeling
Ebeling Communications
949.861.8351
949.278.7851 (Cell)
david@ebelingcomm.com
Member of the National Association
of Real Estate Editors
(NAREE)
“PR Strategist for
the Commercial Real Estate Industry: I do what I love and love what I do.”
