Bolour Associates Inc. has successfully concluded the sale of a prime mixed-use beachfront portfolio in Hermosa Beach, California. This portfolio encompasses nearly one acre of land and boasts an impressive 415 feet of beach frontage along The Strand and Pier Avenue.
The sale represents the culmination of Bolour’s long-term strategic efforts, which involved acquiring, renovating, and leasing up the property. The retail component of the portfolio spans 18,551 square feet along the Hermosa Beach Strand and Pier, while there are also nine adjacent short-term rental units totaling 3,807 square feet.
Back in May 2013, Bolour purchased the retail asset located at 11-29 Pier Ave. and 1250-1272 The Strand. Later, in September 2017, the company expanded its holdings by acquiring the adjacent rental property at 20-32 13th St.
Mark Bolour, the CEO of Bolour Associates, expressed his enthusiasm for the property, highlighting its exceptional location on one of Southern California’s most desirable beachfront corridors. He also emphasized the various opportunities for value enhancement, such as renovation, redevelopment, and market-rate adjustments.
JLL’s team, including Tim Kuruzar, Bryan Ley, Brendan McArthur, and Tess Berghoff, played a crucial role as investment advisors in facilitating the Strand and Pier transaction. Additionally, Jeff Sause and Chad Morgan of JLL served as debt advisors.
This sale not only signifies the successful culmination of Bolour’s strategic efforts but also highlights the immense potential and attractiveness of beachfront properties in Southern California’s real estate market.
