CIM Group Closes LA Hotel Sale
- Jul 31, 2017
CIM Group sold the recently completed hotel that was built as part of its mixed-use Sunset La Cienega project. The sale comes after the recent disposition of the adjacent 8500 Sunset residential complex.
“CIM’s Sunset La Cienega mixed-use development provided the missing connection that links prominent sections of Sunset Boulevard. The new uses, including quality street retail, enlivens the area with enhanced pedestrian activity,” Shaul Kuba, principal & co-founder of CIM Group, told Commercial Property Executive.
CIM made its first investment in West Hollywood in 2005 and since then has acquired and developed a portfolio of properties in West Hollywood and other parts of California that include office, retail, studios and multifamily. Most recently, the company sold Park Tower, a trophy office property in Sacramento to Hines for $120.5 million.
Image courtesy of CIM Group