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

The store will take up 19,000 square feeet
By Gregory Cornfield |
Research by Haru Coryne
July 09, 2019 02:00PM

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

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

CIM Group is all set for arts and crafts.

Despite the dominant reign of e-commerce, the retail chain Michaels signed a lease to occupy 19,000 square feet at CIM Groups’s property at 1342 S. La Brea Avenue. It is part of a larger 77,400-square-foot retail development anchored by a Target and a Sprouts grocery store.

The site was purchased in 2016 for $3 million. According to media reports, the two-story site replaced several small auto shops.

CIM Group is one of the most active developers in Los Angeles, and the firm owns several other commercial and residential properties throughout Los Angeles, including other projects in Mid-Wilshire. The firm recently refiled plans to convert an office building 4680 Wilshire Boulevard near its headquarters into an 87-unit residential development. The firm also owns a four-property office campus there, of which it recently put 143,000 square feet on the market.

CIM Group also has an expanding portfolio in the transforming neighborhood West Adams, and it is currently building the final phase of The Lot, a production studio complex in Hollywood.