BOLOUR Associates Inc. has acquired a neighborhood retail strip center at 5151 W. Pico Blvd. in Los Angeles for $4.45 million. The center sits five miles west of a development site on which BOLOUR plans to build 30 apartment units.
The 5151 Pico retail center is located within LA’s Mid City submarket, just east of Fairfax Avenue and a mile north of Interstate 10, providing access to approximately one million residents within a five-mile radius. The retail center totals 7,474 square feet, with 75% of its units leased to a range of tenants, including Domino’s Pizza on a long-term lease.
“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. “The acquisition offered a great opportunity to expand our footprint in the area and to continue to acquire strategic pieces in Los Angeles for future development.”
BOLOUR was self-represented in the acquisition. Nick Virzi from Triad Management Systems assisted the undisclosed seller.
