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August 17, 2019
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RETAIL NEWS
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Bolour Associates Acquires Site in LA’s Koreatown for $7.4 Mil

7/11/19

Bolour Associates Inc has purchased a .69-acre land site in the heart of Los Angeles’s Koreatown for $7.4 mil and completed a simultaneous long-term ground lease at the property with an unnamed quick serve restaurant (QSR) tenant.

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. They are expected to complete tenant improvements on a stand-alone, 3.2k sf building located on the property prior to 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 Ave, but also provide much need services to the neighborhood.”

Alex Sachs and Brian Peterson with WESTMAC Commercial Brokerage Company represented both parties in the sale transaction. Michael Pakravan with Matthews Real Estate Investment Services repped BOLOUR in the lease transaction.




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