CIM Group sells Sunset Strip complex to Korman Communities, Brookfield

Korman plans to convert apartments into luxury extended-stay hotel

TRD LOS ANGELES /
June 29, 2017 12:15 PM
8500 Sunset Boulevard (Jay Luchs)

Pennsylvania-based extended stay hotel developer Korman Communities and Brookfield Property Group will buy CIM’s recently completed apartment complex at 8500 Sunset Boulevard.

The price was not disclosed, but sources previously told The Real Deal that the mixed-use building was valued at roughly $250 million.

Korman, which operates the AKA line of extended-stay hotels, plans to convert the 190 luxury residential units into an upscale extended-stay property, the Los Angeles Times reported.

Korman already operates an 88-unit AKA on Crescent Drive in Beverly Hills, where rates start at $4,500 a week.

The building has eight multi-level units, 55 two-bedrooms, 118 one-bedrooms and 17 studios. It also includes a swimming pool and a fitness center, according to the Times.

CIM Group will retain ownership of the ground-floor retail, where retailer Fred Segal recently signed a 22,000-square-foot lease with plans to open this fall.

The property is part of a more than $300 million development on the Sunset Strip that will include retail, restaurants and an outpost of the 1 Hotel. [LAT]Subrina Hudson


Related Article

arrow_forward_ios

Probing paychecks: A look at how much LA’s real estate pros are getting paid

Here’s everything you need to know about Opportunity Zones

Hollywood & Highland, Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller

CIM Group sells Hollywood & Highland mega-complex for $325M: sources

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh with a rendering of the project

Picture perfect: CIM Group nails down craft retailer Michaels at Mid-Wilshire complex

arrow_forward_ios