July 19, 2017
Early Bird Alert: Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.
Los Angeles-based CIM Group divested the $250-million 8500 Sunset Boulevard to Pennsylvania-based Korman Communities and Brookfield Property Group. The recently-completed 190-unit multifamily complex on WeHo’s Sunset Strip is envisioned to be converted to an upscale extended-stay property.
Cushman & Wakefield Capital Markets Group’s Marc Renard, Manfred Schaub, Morgan Jackson and Paul Darrow represented the seller. The buyer was self-represented.
Renard says, “8500 Sunset is truly an irreplaceable world-class asset that took nearly 20 years to get entitled and built. The deal attracted global capital interest, with offers to purchase generated from over 10 different countries.”
CIM Group plans to retain ownership of the ground-floor retail that includes 22,000 square feet of space slated to be occupied by luxury retailer Fred Segal. The asset is part of a more than $300-million development that includes a separate hotel called “1,” along with stores and restaurants.
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