BOLOUR completes $6 million, three-building Los Angeles retail acquisition

  

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)

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