BOLOUR Associates Inc. has recently purchased a retail strip center in the Mid City submarket of Los Angeles for $4.45 million. The property, located at 5151 W. Pico Blvd., is strategically positioned just east of Fairfax Avenue and one mile north of Interstate 10, providing access to approximately one million residents within a five-mile radius.
The retail center spans over 7,474 square feet and currently has an occupancy rate of 75%, with tenants including Domino’s Pizza on a long-term lease agreement. According to BOLOUR CEO Mark Bolour, this location is unique due to its mix of historic districts, retailers, restaurants, museums and residential communities – including several newly developed multifamily projects.
“This acquisition presented us with an excellent opportunity to expand our presence in the area and acquire strategic assets for future development,” said Bolour.
BOLOUR represented themselves in the transaction while Nick Virzi from Triad Management Systems assisted the undisclosed seller.
