Bolour Associates Inc. has purchased the retail center at 5780 Canoga Ave. in Warner Center for $9 million.
Bolour, a private real estate investment, development and finance company, plans to renovate the retail property.
The 10,400-square-foot property is food-based and sits in the heart of Warner Center, surrounded by millions of square feet of office space, including the 800,000-square-foot LNR Warner Center office development.
Bolour plans to modernize and reposition the asset for the demands of Warner Center’s daytime office users and its growing residential base. Planned renovations at the property — to include façade and exterior upgrades, new landscaping and signage, and expanded patio spaces — are expected to begin in early 2023.
“Bolour is very familiar with Warner Center and believes in the long-term growth and value-add potential of this acquired site,” Bolour Chief Executive Mark Bolour said in a statement. “The community has experienced major multifamily and commercial growth while its office market is enjoying a steady post-pandemic rebound. As these different uses start to come together, Warner Center will continue to grow as a ‘live, work, play’ destination. The improvement of this specific retail property will support better dining options for the entire community, serving employees and residents in a market where retail and restaurant space is limited.”
The retail acquisition adds to Bolour’s existing footprint in the Los Angeles-adjacent Warner Center. In 2020, the company purchased a 52,000-square-foot, 3-acre property that is fully leased to the U.S. Postal Service. The building is used as a sorting center and post office to serve Warner Center’s rapidly expanding commercial and residential base.
Michael Pakravan and Kyle Pari of Matthews Real Estate Investment Services represented both Bolour and the property seller, Flamingo Investments.
