CIM Group sells Hollywood retail to local investor
Jordan Kashfian buys 39K sf building leased to Marshalls, Petco
CIM Group has sold a Hollywood retail property leased to Petco and Marshall to a local investor.
Jordan Kashfian, based in Sylmar in the San Fernando Valley, bought the 39,000-square-foot complex at 5507 Hollywood Boulevard for $30.4 million, records show. Kashfian could not be reached for comment.
Kashfian bought the property through a limited liability company called Hwood Holdings and obtained a loan from Oregon-based Umpqua Bank for the acquisition.
CIM, the L.A.-based commercial investor, has owned the property since at least 2007, records show.
Petco, Marshalls and burger chain Farmer Boys have occupied stores at the complex since 2014, lease agreements filed with the city of Los Angeles show.
At around $787 per square foot, the sale is one of the more expensive deals that has traded in recent months on a per foot basis. In November, German investment firm Deka Immobilien bought a 53,000-square-foot Whole Foods in Santa Monica for around $1,022 per square foot.
Petco’s profits soared during the pandemic, reporting $159 million in profit for the year ending on January 29, making it an attractive tenant. In 2020, the company reported a $31.7 million loss.
Likewise, Marshalls parent company, The TJX Companies, reported a 51 percent increase in net sales in 2021, according to financial reports. The company reported $48.5 billion in net sales in 2021, compared to $32.1 billion in 2020.
CIM Group currently has more than 50 properties across Los Angeles and Orange counties, according to its website.
In Hollywood, the company now only owns the Lumina — a 299-unit residential complex at 5929 West Sunset Boulevard with two floors of office space — and a United Oil gas station on Western Avenue.