LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today the acquisition of multiple parcels totaling 1.6 acres, at a high-profile location on and around 1000 N. La Brea Avenue which has been home to an operating cement plant for the past approximately 60 years. The property is located within the cities of West Hollywood and Los Angeles with the cement plant spanning in each city.
“La Brea Avenue is a prominent commercial corridor that is a hub for entertainment businesses along with a thriving mix of retail, restaurant and cultural venues. Over the decades the community grew and evolved around the cement plant and now with the operator relocating it is poised to be redeveloped for new uses consistent with the needs of the community,” said Shaul Kuba, Co-Founder and Principal, CIM Group.
CEMEX, operator of the cement plant, will continue operating while future development plans for the site are progressed.
CIM Group is an active owner, developer and operator of a variety of commercial properties proximate to the cement plant site. The cement plant properties are just blocks away from The Lot at Formosa studio campus, and connected to the growing Sycamore District, a distinctive corridor that blends the adaptive reuse of existing architecturally distinct buildings with new construction that has brought apartments, creative office, and specialty retail space to the area. It is home to leading media and entertainment companies including SiriusXM, Live Nation/Ticketmaster, and Hyperobject Industries as well as art galleries, retail brands and culinary establishments, such as Tartine, Gigi’s Hollywood, Mizlala, Sightglass Coffee, Just One Eye, and Jeffrey Deitch.
Adding to the Sycamore District’s appeal is its position within the southern portion of historic Hollywood, adjacent to West Hollywood and central to the greater Los Angeles metropolitan area. The property provides easy access to Interstate 101 and Santa Monica Boulevard and is within a mile from the Metro Red Line.
For more than 25 years, CIM Group has utilized its broad expertise to own, develop, reposition, and operate real estate assets, transforming communities and creating dynamic environments throughout the Americas.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
About SYCAMORE
SYCAMORE is an evolving neighborhood where creative entrepreneurs have come together to establish passionate ventures in music, art, design, wellness, and food. Located in the heart of Los Angeles, east of La Brea Avenue and south of Santa Monica Boulevard within Hollywood’s historic Media District, SYCAMORE has flourished into a thriving urban locale that is best explored on foot. It is home to leading media and entertainment companies including SiriusXM, Roc Nation, Showtime, Ticketmaster/Live Nation, Oprah Winfrey Network, and Hyperobject Industries. SYCAMORE is also a lifestyle destination featuring unique offerings and experiences. Discover innovative new artists at local galleries such as Jeffrey Deitch, LAXART, Regen Projects, and Various Small Fires. Browse stylish curated goods at Just One Eye, RetroSpecs & Co., SUPERVINYL, and more. Stimulate your physical senses at Pause Wellness Studio, Burke Williams, and PLATEFIT. Indulge your culinary tastes at Tartine, Sightglass, Mizlala, and Gigi’s. Watch the SYCAMORE story evolve and stay tuned for more unique projects opening through 2022 by following @sycamoredistrict.
