Beverly Hills, CA – (July 9, 2019) — Bolour Associates Inc. (BOLOUR), a privately-owned real estate investment, development and finance company, has purchased a premier .69 -acre land site in the heart of Los Angeles’s Koreatown for $7.4 million and completed a simultaneous long-term ground lease with one of the world’s leading global quick serve restaurant (QSR) tenants.
The parcel sits at 163 – 179 S. Vermont Ave. It is located in one of Los Angeles County’s most densely populated districts, with 120,000 residents within 2.7 square miles and more than 1.2 million residents within five square miles.
The site’s new tenant has signed a 15-year, NNN ground lease. It is expected to complete tenant improvements on a stand-alone, 3,209-square-foot building located on the property before opening for business.
“This is a valuable parcel that we purchased with two potential strategies in mind – to either redevelop into multi-family or re-tenant,” said BOLOUR CEO Mark Bolour. “Based on the credit of the new lease we opted to engage in a long-term ground lease with an extremely popular and low-risk entity. This tenant will not only upgrade the building on Vermont Avenue but also provide much need services to the neighborhood.”
After approximately 10 months under contract, BOLOUR closed on the Vermont Avenue parcel and turned possession over to its new tenant within a 24-hour of closing. Timeframe. = September 9, 2018 to July 3, 2019.
Archean Partners Principal Alex Sachs and Partner Brian Peterson represented the Buyer and Seller in the transaction. Michael Pakravan, Senior Vice President and National Director of Retail Leasing for Matthews Real Estate Investment Services, represented BOLOUR in the lease transaction.
Based in Beverly Hills, BOLOUR recently doubled the size of its local headquarters from 4,000 to 8,000 square feet. It is in the process of expanding its private lending services into 20 states, with plans to double its staff size by the end of 2020 and triple its private lending business, particularly among family offices with short-term, yield-producing investment requirements.
This year, BOLOUR plans to acquire more than $300 million in commercial real estate, adding to its current development pipeline exceeding $500 million in ground-up projects spanning the multifamily, office, retail and hospitality sectors, with $100 million of these projects being designed and built by BOLOUR’s fully integrated in-house team.
