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7/30/24
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Bolour Associates Inc has acquired a site with three retail buildings totaling 11.5k sf of space in L.A.’s Mid-city submarket for $6.04 mil. Bolour plans to repurpose the buildings for commercial uses, while long-term, BOLOUR plans to develop the site into 120 multifamily residential units.
The buildings sit on 0.52 acres at 601, 611 and 619 S. Fairfax Ave, a block north of Wilshire Blvd at Sixth St. There is a former 99 Cents Only store, which Bolour purchased 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 offers proximity to I-10 and nearby shopping, dining and cultural attractions. This includes a location directly across the street from the Los Angeles County Museum of Art, which is currently undergoing a $750 mil 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.
BOLOUR was self-represented in the Fairfax acquisition. Hilco Global repped the property seller.
In February, BOLOUR completed a $4.45 mil 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.
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