The Real Deal Los Angeles

CIM Group is shopping its under construction 8500 Sunset project

Prospective buyers can bid on WeHo development's retail component, resi units or both
January 18, 2017 06:00PM

Rendering of retail and luxury residences at 8500 Sunset (Jay Luchs)

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.