HOLLYWOOD—April 19, 2007—Leading fashion retailer, Zara, will join the vast array of national and regional boutiques flocking to Hollywood as it opens in a 17,000-square-foot store on Hollywood Boulevard. Zara will occupy half of the first two floors of CIM Group's latest acquisition, a 55,000-square-foot, three-story building at 6904 Hollywood Boulevard, across the street from the company's Hollywood & Highland Center.
"Zara is among a handful of top apparel retailers that is being courted by retail developers across the country. The company's decision to come to Hollywood adds to the appeal of the district as a retail and entertainment destination," said Shaul Kuba, principal and co-founder CIM Group.
Zara is known for its distinctive approach to fashion that is characterized by constant product innovation. Zara stores receive new inventory twice a week made possible by the company's in-house design, production and logistics teams. The quick response to customer tastes and demands has proven to have strong appeal with fashion-forward consumers.
CIM Group will undertake a complete renovation of the vintage 1920s building at 6904 Hollywood Boulevard. Located adjacent to the beautifully restored El Capitan and the historic Masonic temple, the building will be stripped to reveal its original façade as well as receive significant structural upgrades to convert it into two floors of modern retail space topped by 22,000 square feet of Class A office space.
"Hollywood Boulevard continues to flower as both a regional destination and a genuine neighborhood," said Council President Eric Garcetti. "This new store adds to an already diverse and exciting retail landscape."
Zara is expected to open in summer 2008 just steps from H&M, which CIM signed for a 10,000-square-foot store at 6914 Hollywood Blvd. It is set to open this fall. Both retailers are directly across the street from CIM Group's Hollywood & Highland Center, which recently signed two other hot fashion retailers, XXI (a new fashion concept from Forever 21) and Guess.
"Hollywood is one of the fastest growing districts in Los Angeles with major retailers investing in the area, abundant clubs and restaurants, new housing and steady demand for office space by companies seeking a diverse urban setting," noted Jeff Kreshek, principal, CIM Group.
Hollywood & Highland Center has 387,000 square feet of national and local fashion and luxury retailers, some of Hollywood's hottest clubs and restaurants and the 3,400-seat Kodak Theatre. Since acquiring the center in 2004, CIM Group has added premier retailers such as Virgin Megastore's west coast flagship in 20,000 square feet, BCBG Max Azria and American Eagle Outfitters to its collection of top retailers. CIM also has made substantial improvements to Hollywood & Highland Center with escalators to transport guests from Hollywood Boulevard to all four levels of the center, enhanced lighting and signage and an interactive water feature in the center courtyard.
Zara is one of a group of companies owned by Spain's Inditex. The first Zara store opened in 1975 in northwestern Spain. Today the brand is in 63 countries with a network of more than 990 stores located in the world's major cities and always in the main shopping districts.
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 broad-based 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.