HOLLYWOOD – June 26, 2013 – CIM Group announced today that it has sold Sunset Vine Tower, a 20-story, 64-residence luxury apartment building, which opened in summer 2010 and has been consistently close to 100 percent leased.
Sunset Vine Tower features premier finishes and amenities as well as unparalleled views of Los Angeles. With no more than four residences per floor, each residence occupies at least one corner of the building, and the top four floors have just two units each. Its central location on Sunset Boulevard at Vine Street is steps from the area’s abundant entertainment, dining and retail options and offers easy access to the subway station at Hollywood Boulevard and Vine Street.
After being gutted by a fire in 2001, the building subsequently languished as a vacant and deteriorating eyesore at this high profile location at the center of Hollywood until CIM identified the tower as an ideal building for adaptive reuse to luxury apartments, a category that was untapped in the burgeoning Hollywood market. CIM acquired the 1960s-era office building, Hollywood’s tallest high-rise, by purchasing the bankrupt ownership entity in November 2003. CIM undertook a comprehensive top-to-bottom renovation, stripping the building to its structural steel, abating hazardous materials, and installing a sleek glass curtain wall creating floor-to-ceiling windows to take advantage of sweeping views from the ocean to the hills.
Maintaining the pedestrian orientation of the area, CIM converted the ground floor space along Sunset Boulevard and Vine Street into restaurants. Currently, the space along Sunset is occupied by Tender Greens, The Melt, and Go Burger, and on Vine Street, CIM leased retail space to Chipotle, which has increased the dining options for residents, nearby businesses and visitors.
The Sunset Corridor is continuing to expand with many new developments underway just east of Sunset Vine Tower, including CIM Group’s Sunset Gordon apartment, retail, and office project as well as a new campus for Emerson College.
Headquartered in Hollywood, CIM is an investor in communities throughout North America and is the largest commercial real estate owner in Hollywood. In 1998, CIM identified Hollywood as an emerging urban district that meets the firm’s strategic investment guidelines. Since then, it has acquired and developed a portfolio of properties in this community that includes office, retail, hotel and multi-family residential properties.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com