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Bolour Exits Long-Term Hold on Hermosa Beach Mixed-Use
Bolour Associates Inc. completed the $33.5-million sale of a mixed-use beachfront portfolio totaling nearly one acre of land and 415 feet of beach frontage along The Strand and Pier Avenue in Hermosa Beach.
The disposition marks the culmination of a long-term strategic assemblage, renovation and lease-up for 18,551 square feet of retail on the Hermosa Beach Strand and Pier, and 3,807 square feet in nine adjacent short-term rental units.
Bolour purchased the retail asset, located at 11 – 29 Pier Ave. and 1250 – 1272 The Strand, in May 2013. The company purchased the adjacent rental property at 20 – 32 13th St. in September 2017.
“This is a standout property situated on one of Southern California’s most sought-after beachfront corridors and offering multiple avenues for value enhancement, including renovation and redevelopment and market-rate adjustments,” said Bolour CEO Mark Bolour.
JLL’s Tim Kuruzar, Bryan Ley, Brendan McArthur and Tess Berghoff served as investment advisors in the Strand and Pier transaction. Jeff Sause and Chad Morgan of JLL served as debt advisors.
- ◦Sale/Acquisition
