Bolour Associates Inc. recently purchased a site in the Los Angeles Mid City submarket for $6.04 million, which includes three retail buildings situated on 0.52 acres at 601, 611 and 619 S. Fairfax Ave., offering over 11,500 square feet of net rentable area.
One of the properties included in this acquisition is a former location of the popular store chain, “99 Cents Only.” This building holds a prime location at the corner of Fairfax Avenue and Sixth Street. Bolour acquired this property through a bankruptcy auction after Number Holdings Inc., parent company of “99 Cents Only Stores LLC,” filed for Chapter 11 bankruptcy earlier this year and closed all its stores.
According to CEO Mark Bolour, “This purchase on Fairfax Avenue reflects BOLOUR’s continued involvement and strategic redevelopment efforts within LA’s urban core.” He further added that they are excited to revamp these buildings into commercial spaces that complement the creative character of the area while meeting demands from nearby establishments such as Los Angeles County Museum Of Art (LACMA). In addition to immediate plans for commercial use, there are also long-term prospects for developing much-needed multifamily units on this site.
