CIM Group is shopping its under construction 8500 Sunset project

Los Angeles /
Jan.January 18, 2017 06:00 PM

UPDATED: January 19th, 4:45 p.m.: CIM Group is ready to sell its two-building mixed-use property at 8500 Sunset Boulevard in West Hollywood.

The developer is quietly shopping the under-construction buildings, which contain 190 luxury units that fit condo specifications and roughly 39,000 square feet of retail space. Prospective buyers can bid on either the retail component, the residential units or both. Cushman & Wakefield has the listing.

The project is valued, very roughly, at $250 million, according to REAlert: $190 million, or $1 million a unit, for the apartments and $59 million, or $1,500 a square foot, for retail.

CIM started construction on the eight-story buildings in 2013 and is months away from completion, Jason Kitchens, a sales manager at the property, told The Real Deal. The residential units range from 668 square feet to 1,928 square feet.

The developer announced last month that retailer Fred Segal had signed a 22,000-square-foot lease for the ground floor of 8500 Sunset, which is set to open this fall.

CIM is also developing the nearby James West Hollywood hotel, which includes two 10-story towers with 286 guest rooms. [REAlert] — Subrina Hudson

Correction: This story has been updated from its original version to clarify that the project was valued at $1 million a unit by REAlert.


Related Articles

arrow_forward_ios
(Getty, Immersive Van Gogh, iStock)
Former Amoeba Records building, facing demo, will host Immersive Van Gogh exhibit
Former Amoeba Records building, facing demo, will host Immersive Van Gogh exhibit
CIM Group co-founders Shaul Kuba, Avi Shemesh, Richard Ressler and the site for the project. (Google Maps, CIM)
CIM Group plans 168-unit mixed-use complex in West Adams
CIM Group plans 168-unit mixed-use complex in West Adams
925 N. La Brea Avenue with CIM Group’s Shaul Kuba and WeWork’s Sandeep Mathrani (Google Maps, Getty/Illustration by Alexis Manrodt for The Real Deal)
WeWork exits CIM Group’s Hollywood complex
WeWork exits CIM Group’s Hollywood complex
CIM Group's Shaul Kuba and an aerial view of the project site (Getty, Google Maps)
CIM Group plans another Hollywood apartment complex
CIM Group plans another Hollywood apartment complex
LIVWRK's CEO Asher Abehsera and Baldwin Hills Crenshaw Plaza (LIVWRK, Baldwin Hills Crenshaw)
Latest bid to buy Baldwin Hills Crenshaw Plaza may be dead
Latest bid to buy Baldwin Hills Crenshaw Plaza may be dead
Asher Abehsera and the plaza (Credit: Google Maps)
New partnership poised to buy Baldwin Hills Crenshaw Plaza
New partnership poised to buy Baldwin Hills Crenshaw Plaza
Doug Harmon, Chairman of Cushman & Wakefield, and the Mountain of Beverly Hills (Credit: Cushman & Wakefield)
He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?
He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?
Shaul Kuba and the now-former redevelopment plan (Credit: Department of City Planning)
CIM to buy Baldwin Hills Crenshaw Plaza, scrap resi redevelopment plan
CIM to buy Baldwin Hills Crenshaw Plaza, scrap resi redevelopment plan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...