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)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

Värde Provides $105 Million Loan for Newly Developed Multifamily Property in Belmont, CA

REFINANCED: The Artisan Crossing 
apartment complex in Belmont, CA. 

 

Tom Gilliland

MINNEAPOLIS, MN – Värde Partners, a leading global alternative investment firm specializing in credit and credit-related assets, today announced that it has provided Windy Hill Property Ventures, a firm specializing in real estate development in the Greater Bay Area, with $105 million in construction takeout refinancing for the Artisan Crossing apartment complex in Belmont, California. 

 

The bridge financing supports the lease-up of the newly developed 250-unit multifamily community, which is positioned to capture demand for premium rental options around the Silicon Valley area. 

The floating rate loan, which has a three-year initial term with two one-year extension options, was arranged by JLL led by Chris Gandy and Tom Gilliland. 

Artisan Crossing is conveniently located near the Belmont Caltrain and features generous amenities, such as a fitness center, pool, dog spa, clubroom with rooftop deck, conference room, work pods and underground parking. 

Jon Miller

“We are delighted to partner with Windy Hill Property Ventures on Artisan Crossing, a rare institutionally scaled Mid-Peninsula multifamily community in the high-demand Silicon Valley housing market,” said Jon Miller, Managing Director at Värde.

 “Värde takes pride in being a trusted capital solutions partner for strong commercial real estate sponsors.” 

Värde has 30 years of experience investing in real estate and has originated more than $7 billion in commercial real estate loans since 2017. 

Through its CRE lending program, Värde is a non-recourse, balance sheet lender financing all major asset classes.

 Värde focuses on providing flexible capital and certainty of execution to meet the needs of experienced real estate investors.

 

Chris Gandy

About Värde Partners

 

Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. 

Founded in 1993, the firm has invested more than $100 billion across the credit quality and liquidity spectrum in both public and private markets. 

Värde currently manages over $13 billion in assets with teams in North America, Europe and Asia Pacific focused on Corporate & Traded Credit, Real Estate and Financial Services & Diversified Private Credit. 

 ONTACT: 

Gréta Kieras​​​​ Senior Associate, Public Relations JLL Capital Markets 1980 Festival Plaza Drive Suite 250 Las Vegas,  NV  89135 T  +1 949 930 8498 Greta.Kieras@jll.com CA  RE license # 02111877

us.jll.com/capitalmarkets

www.varde.com.

 jll.com.

JLL Capital Markets strengthens Denver presence with Industry experts Peter Merrion and Robert Key

  

Peter Merrion

 DENVER, July 29, 2024 –  JLL Capital Markets announced today a new Denver industrial Investment Sales and Advisory team, led by Senior Managing Director Peter Merrion and Director Robert Key. 

Robert Key. 

This dedicated team will exclusively focus on industrial investment sales and equity placement, aiming to deliver institutional-caliber service to clients in the Denver market.Top of Form.

 

“This strategic move comes as a response to a noticeable gap in client service we have seen in the Denver market for the industrial asset class,” said Merrion.

 

“Unlike other major firms that have sales professionals splitting their time as leasing brokers, we recognized an opportunity to provide enhanced client service with a purely capital markets focused team. "We are excited to usher in this new era and deliver exceptional results for our clients."

Leon McBroom

An industry veteran with 20 years of experience in the business, Merrion will continue to co-head the Denver Capital Markets office alongside Leon McBroom.

 

In this new role, he will team up with Robert Key, who joined JLL in 2020 and has been covering Denver industrial sales with the valuable assistance of several national teammates.

 

“The new Denver Industrial Investment Sales & Advisory team at JLL is poised to create a significant impact in the industrial sector within the Denver market,” said John Huguenard, Industrial Group Co-leader and Senior Managing Director.

John Huguenard

“This team represents a tremendous opportunity for JLL to meet the growing client demand for these services and further solidify our position as a trusted partner in the industry."

 

In addition to the newly formed industrial Investment Sales and Advisory team, JLL remains committed to serving client needs in the office sector.

 

Mark Katz and Hilary Barnett will continue to lead the Institutional Office Investment Sales and Advisory team, and Larry Thiel and Sean Whitney will lead Private Capital client needs.

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

Hilary Barnett

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

Mark Katz 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources, please visit JLL’s newsroom. 

 

CONTACT: 

 

Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

617-543-4873

 

 

 

Lee & Associates South Florida Q2 Report: Industrial Vacancies Jump Significantly Year-Over-Year

Greg Milopoulos 

MIAMI, FL, July 29, 2024 – South Florida’s industrial market experienced a sharp year-over-year increase in vacancies, according to Lee & Associates South Florida’s Q2 2024 market report.

 

The local retail, office and multifamily sectors largely held steady during the second quarter of 2024, however, as the region continues to outperform national averages.

 

The tri-county area of South Florida closed the second quarter of 2024 with a 4.1% industrial vacancy rate, up from 2.4% a year earlier. The average asking rent climbed year-over-year from $16.18 per square foot triple-net (NNN) to $17.29 per square foot.

 

“Our team continues to see an uptick in acquisitions of industrial assets and their valuations even while leasing momentum appears to be slowing down,” Lee & Associates South Florida Principal Greg Milopoulos said. “With debt and rent costs coming down, purchasing power remains positive as cap rates won’t regress enough to change asset values.”

 

Stephen DeMeo 

Retail vacancies inched up year-over-year from 2.9% to 3.1% in the second quarter. Average asking rents also increased year-over-year, from $36.26 per square foot NNN to $36.92.

 

“Tenant demand has driven the availability rate to historic lows of 3.1%, well below the five-year average of 4.3%,” Lee & Associates South Florida Principal Stephen DeMeo said. “Miami still has the highest retail rents in Florida at $48 per square foot NNN, followed by Palm Beach at $38 per square foot NNN and Fort Lauderdale at $36 per square foot NNN.

 

"Space availability is unlikely to improve significantly, and near-term forecast expectations are for historically tight vacancy rates around 3-4%.”

 

South Florida’s office vacancies declined slightly year-over-year in the second quarter, from 8.3% to 8.1%. The average asking rent jumped from $35.96 per square foot NNN to $37.52 in the same span.

 

“While older suburban offices face challenges, the influx of high-end space has created a rising tide effect,” Lee & Associates South Florida Principal C. Todd Everett said. “Demand in key areas remains robust, driven by tech and finance sector interest and continued in-migration trends.”

 

Todd Cohen

South Florida’s multifamily sector recorded a year-over-year rise in vacancies in the second quarter of 2024, from 5.5% to 5.9%. Asking rents increased year-over-year from $2,141/month to $2,173/month.

 

The sector “continues to outperform most other asset classes and geographical markets despite signs of slowing as we enter Q3 2024,” Lee & Associates Principal Todd Cohen said. “Rental rates and growth remain strong; sales numbers are still setting records and demand for renting stays high as home costs remain untenable for most buyers.”

 

To view the full sector-by-sector breakdowns, click here: https://www.dropbox.com/scl/fo/89ofzupzim1r62e0gktqa/AL8supw-Cn9y0efhdSFHAl4?rlkey=bjna6cjd1ohhygwafd50ofh78&st=1q14ftw3&dl=0

 

For the latest news from Lee & Associates South Florida, visit leesouthflorida.com or follow us on Facebook, LinkedIn, Twitter and Instagram, our company local news.

 

CONTACT: 

 

Eric Kalis

Senior Vice President

ekalis@boardroompr.com

C 305-794-5123

O 954-370-8999

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