Continues company’s record of acquiring and holding land for future redevelopment
Los Angeles – (Feb. 21, 2024) — Privately-owned real estate investment, development and finance company Bolour Associates Inc. (BOLOUR) has acquired a neighborhood retail strip center at 5151 W. Pico Blvd. in Los Angeles for $4.45 million.
The 5151 Pico retail center sits within the Mid City submarket, just east of Fairfax Avenue and 1 mile north of Interstate 10, providing access to approximately 1 million residents within a five-mile radius. The retail center totals 7,474 square feet, with 75% of its units leased to a range of tenants. This includes a long-term lease to Domino’s Pizza.
“This is a dynamic and transitioning location, made unique by its mix of historic districts, retailers, restaurants, museums and residential communities, including several recently delivered new multifamily projects,” said BOLOUR CEO Mark Bolour. “The acquisition offered a great opportunity to expand our footprint in the area and to continue to acquire strategic pieces in Los Angeles for future development.”
BOLOUR was self-represented in the acquisition. Nick Virzi from Triad Management Systems assisted the seller.
Earlier this month, BOLOUR announced that it would build 30 studio, one- and two-bedroom apartment units at 2424 S. Veteran Ave., just five miles west of the 5151 retail center on Pico Boulevard.
Both investments are part of BOLOUR’s continued focus on investment and redevelopment in emerging markets.