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Bolour Plans Repurposing of Fairfax Avenue Retail Buildings
Bolour Associates Inc. has acquired a site with three retail buildings in the Los Angeles Mid City submarket for $6.04 million. Located on 0.52 acres at 601, 611 and 619 S. Fairfax Ave., the buildings offer more than 11,500 square feet of net rentable area.
Among the properties is a former 99 Cents Only store, prominently located on the corner of Fairfax Avenue and Sixth Street. Bolour purchased the 99 Cents Only property through a bankruptcy auction after Number Holdings Inc., the parent company of 99 Cents Only Stores LLC, filed for Chapter 11 bankruptcy earlier this year and closed all of its stores.
“This acquisition on Fairfax Avenue continues Bolour’s engagement and strategic redevelopment in LA’s urban core,” said Bolour CEO Mark Bolour. “We are excited to transform these buildings to commercial uses that align with the area’s creative character and with the demand generated from immediate neighbors such as the Los Angeles County Museum of Art. Longer term, the site provides equally promising opportunities for much-needed multifamily units.”
- ◦Sale/Acquisition
