Company plans to strategically renovate retail center supporting LNR Warner Center
Woodland Hills, CA – (June 1, 2022) — Underscoring the continued live-work-play evolution of Warner Center, Bolour Associates Inc. (BOLOUR) has purchased a retail project within the master planned community for $9 million. BOLOUR, a privately-owned real estate investment, development and finance company, plans to strategically renovate the retail property, which supports the sizeable LNR Warner Center office project.
“BOLOUR is very familiar with Warner Center and believes in the long-term growth and value-add potential of this acquired site,” said BOLOUR CEO Mark Bolour. “The community has experienced major multifamily and commercial growth while its office market is enjoying a steady post-pandemic rebound. As these different uses start to come together, Warner Center will continue to grow as ‘live, work, play’ destination. The improvement of this specific retail property will support better dining options for the entire community, serving employees and residents in a market where retail and restaurant space is limited.”
Located at 5780 Canoga Ave., the 10,400-square-foot, food-based retail center sits in the heart of Warner Center and is surrounded by millions of square feet of office space, including the 800,000-square-foot LNR Warner Center office development. It is also at the center of thousands of multifamily units.
BOLOUR plans to modernize and reposition the asset to service the demands of Warner Center’s daytime office users and its growing residential base. Planned renovations at the property include façade and exterior upgrades, new landscaping and signage, and expanded patio spaces to create a vibrant indoor/outdoor environment.
The retail acquisition adds to BOLOUR’s existing footprint in the Los Angeles-adjacent Warner Center. In 2020 the company purchased a 52,000-square-foot, 3-acre property within the community that is fully leased to the U.S. Postal Service (USPS). The building is used as a sorting center and post office to serve Warner Center’s rapidly expanding commercial and residential base.
Built on ranch land originally owned by Harry Warner of Warner Brothers, the 1.5-square-mile Warner Center includes office and multifamily development and the Westfield Promenade mall. It is also expected to become the future home of the Los Angeles Rams practice facility, part of a 3.2 million-square-foot mixed-use project.
At the BOLOUR retail property, Michael Pakravan and Kyle Pari of Matthews Real Estate Investment Services represented both BOLOUR and the property seller, Flamingo Investments.
Renovations at the BOLOUR retail center are expected to begin in early 2023. For more information on available space at the property, contact Pakravan at (310) 919-5737 or firstname.lastname@example.org.