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2/22/24
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Bolour Associates Inc has acquired a 7.5k sf neighborhood retail strip center in Los Angeles for $4.45 mil ($593/sf). The center is located at 5151 W. Pico Blvd, within the Mid-City submarket, just east of Fairfax Ave.
The property is situated roughly one mile north of I-10, providing access to approximately 1 million residents within a five-mile radius. Approximately 75% of the center’s units are leased to a range of tenants. This includes a long-term lease to Domino’s Pizza.
Bolour was self-represented in the acquisition. Nick Virzi from Triad Management Systems assisted the seller.
“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. “
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 Blvd.
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