HOLLYWOOD—September 6, 2006—CIM Group is repositioning a major section of Hollywood Boulevard, bringing retailers and services that will serve the local community, including DSW, Longs Drugs and LA Fitness to a revamped center at 7021 Hollywood Boulevard, approximately one block east of La Brea Avenue. Longs Drugs recently opened an 11,000-square-foot store, LA Fitness just completed a 43,000 square foot, state-of-the-art facility and DSW plans a fall opening for its 22,000-square-foot store. CIM Group is in the process of renovating the remaining 30,000 square feet on the center's lower level.
"Securing great local-serving businesses such as DSW, Longs Drugs and LA Fitness has met our goal of revitalizing this property to better meet the needs of the Hollywood community," said Shaul Kuba, principal of CIM Group.
DSW is a distinctive specialty retail concept known for offering a large and varied assortment of branded footwear. Since its inception in 1991, DSW has grown to 209 stores nationwide. A typical DSW store has over 30,000 pairs of shoes in more than 2,000 styles. The store's vast selection and convenient, self-service format is highly popular with consumers. With weekly deliveries of new styles, there's always something new to discover.
Longs Drugs is one of the most recognized retail drug store chains on the West Coast and is well known for its customer-oriented services and convenient product offerings that include over-the-counter medications, photo services and cosmetics. Longs also provides pharmacy benefit management services through its RxAmerica subsidiary.
In its new Hollywood location, LA Fitness will offer cardio and strength equipment; free weights; aerobics; a heated lap pool and spa; indoor cycling; personal training; Kids' Klub services; racquetball and basketball courts. By providing members with as much variety, enjoyment and support in their fitness experience as possible, the LA Fitness team strives to make it easier and more fun to pursue their fitness goals.
Among many other Hollywood properties, CIM Group owns Hollywood & Highland Center, home of the Kodak Theatre, the Hollywood Renaissance Hotel and 460,000 square feet of retail and entertainment space. Since purchasing the property in February of 2004, CIM Group has renovated the center and added a number of new retailers including BCBG Max Azria, American Eagle Outfitters, Lucky Brand Jeans and most recently, Skechers. The French Crepe Company is set to debut at the center later this month.
Across the street from Hollywood & Highland Center, CIM Group is proceeding with plans to open one of the first west coast locations of H&M. The popular Swedish retailer known for affordable chic fashion is expected to open in 2007. Announcements of other new retailers slated for the Hollywood shopping and entertainment district being shaped by CIM Group are expected soon.
CIM Group has identified Hollywood as a premier urban district for investment and development. In line with its long-term view of a flourishing Hollywood community, the company has built a portfolio that includes a variety of properties. They include housing, office, entertainment and a diverse mix of restaurants and retailers to support revitalization of the area as a vibrant urban center serving residents, visitors and businesses. The company made its first investment in Hollywood in 1998 with the acquisition of the office building now known as the TV Guide Hollywood Center, which also is the company's headquarters. Today, the CIM Group owns 10 properties throughout the area and is one of the largest property owners in Hollywood.
About CIM Group
CIM Group is an integrated, full service real estate investor with in-house acquisition, development, finance, leasing, and management capabilities. CIM Group directs its efforts towards districts of high population density, including the downtown areas within large cities, smaller "main street" districts within towns and suburban cities, and other locations which lie within the metropolitan areas of the country. Since its inception in 1994, CIM Group has been a leading force in the creation of great streets in the cities of Santa Monica, San Diego, Pasadena, Brea and Hollywood.