LOS ANGELES – May 14, 2014 – CIM Group announced today that it has leased the 39,000-square-foot, one-story retail building at the 2.08-acre Hollywood and Western mixed-use redevelopment project to Marshalls and Petco. The Marshalls department store will fill approximately 24,000 square feet of the building and will offer off-price men’s, women’s and children’s clothing, footwear, accessories and home merchandise, while Petco, a leading pet specialty retailer with more than 1,250 stores nationwide, will comprise the building’s remaining 15,000 square feet. Both stores are anticipated to open in the fall of 2014. This new retail building includes 125 parking spaces conveniently located on its rooftop, and an additional 47 parking spaces on the adjacent eco-friendly surface lot, both completed in this second phase of the Hollywood and Western redevelopment, located at the northwest corner of Hollywood Boulevard and Western Avenue.
In addition, CIM announced the signing of a 3,000-square-foot Yogaworks at the Gershwin Apartments, the first phase of the Hollywood and Western project. In March 2013, CIM completed the renovation of the five-story, former Gershwin Hotel at 5533 Hollywood Boulevard into the Gershwin Apartments, which features 105 efficiency units, 54 studios and 4 one-bedroom units. Within six months the residences were fully-leased with a continued demand and waiting list for the efficiency units.
CIM’s Hollywood and Western redevelopment also includes an existing 4,000-square-foot commercial space, which will be renovated in the third and final phase of the project.
Hollywood and Western is well-located in a dynamic, pedestrian-friendly residential urban corridor, with many retail and restaurant options. It is across the street from the Hollywood Western Metro Red Line subway station, providing easy access to downtown Los Angeles, Hollywood, and North Hollywood.
Headquartered in Hollywood, CIM is an investor in communities throughout North America and the largest commercial real estate owner in Hollywood. In 1998, CIM identified Hollywood as a Qualified Community as it possessed that attributes that fit CIM’s investment model, and since then, CIM has acquired and developed a portfolio of properties in Hollywood that includes office, retail, hotel, entertainment, and multifamily 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 the 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.