CIM Group Spends More Than $45 Million on Property in Los Angeles and West Hollywood
A nearly 2-acre property straddling the border of West Hollywood and Los Angeles was sold to CIM Group. (CBRE)
Los Angeles developer CIM Group bought the 1.6-acre property around 1000 N. La Brea Ave. for roughly $46.5 million, according to statements from CIM and CBRE. The property consists of multiple parcels where a cement plant has been operating for roughly 60 years. The plant is expected to stay open as CIM Group figures out what the site's future is.
The seller, West Hollywood developer Faring, assembled the site in November 2019 for a combined $23.7 million, according to CoStar data.
The neighborhood has been teeming with development in recent years, particularly around the nearby Sycamore District along Sycamore Avenue. That's where Canadian developer Onni Group wants to build roughly 200,000 square feet of retail and office space at 7000 Romaine St., while CIM Group itself completed development last year on 926 Sycamore, an eight-story, 80,000-square-foot office and retail property.
The Sycamore District also features a number of upscale retailers and restaurants including Gigi's restaurant and luxury retailer Just One Eye.
Dean Zander, an executive vice president at CBRE who was involved in the deal, said in the brokerage's statement that the property received a considerable amount of interest because it's one of the last remaining commercially zoned parcels of significant size in the area. Stew Weston, an executive vice president at CBRE who also was involved in the deal, said in the statement the city of West Hollywood indicated it wants a large, mixed-use multifamily development on the property.
“The larger one-acre parcel could be developed into a luxury mixed-use apartment property, taking advantage of the area’s exceptional demographics and surrounding retail and lifestyle amenities, while the adjacent site at Sycamore Avenue is ideally suited for a creative office development,” Zander said.