Privately owned real estate investment, development and finance company Bolour Associates Inc. has purchased a two-story, 32,500-square-foot mixed-use building in the heart of an emerging Hollywood production epicenter.
Bolour purchased the property for $13.7 million, or $421 per-square-foot. Cost per square foot in the Hollywood submarket ranges from $600 to $800 per square foot, according to Savills data.
Located at 6432 Santa Monica Blvd., the building sits at the corner of Santa Monica Boulevard and Cole Avenue, within the Hollywood Media District. The site stands directly between Paramount and Netflix studio locations, within their media ecosystems. Prominent boutique studios including Red Studios and Milk are nearby as well.
“Bolour secured this property at a very attractive price-per-square-foot basis, allowing us to confidently enter into this building and this neighborhood, which is quickly becoming a go-to location for production-related companies of all types and sizes,” said Bolour CEO Mark Bolour in a statement. “This building’s high ceilings, hardwood floors and great natural light ensure it will meet the needs of its current tenants, as well as future tenants as this community grows and evolves.”
The building includes 17,500 square feet of ground-floor retail and 15,000 square feet of second-story office space. It is currently 100% occupied by tenants ranging from creative management and casting to production equipment rentals and photography studios.
The address is located at the center of retail, office and hospitality as well as a booming multifamily market that has more than 5,332 residential units currently in the pipeline.
Brandon Michaels, Matthew Luchs and Andrew Leff of Marcus & Millichap represented both the property seller and Bolour in the sale.
Bolour said the company would continue to seek similar opportunities across Southern California and other key U.S. infill markets.