CIM Group has acquired multiple parcels, covering a total of 1.6 acres, at a prominent location near 1000 N. La Brea Avenue. This property is currently home of the CEMEX Concrete Plant which has been operating for approximately 60 years. The acquisition includes parcels located in both West Hollywood and Los Angeles, with the cement plant spanning across both cities.
The Real Deal reports that at the time of the transaction, Stew Weston, who worked on the deal as part of a brokerage team at CBRE, floated a possible residential conversion for the site, saying that West Hollywood officials had “previously indicated their desire for a large, mixed-use, multifamily development.”
CIM Group has recently filed documents with the Los Angeles City Planning Department indicating their intention to convert the old cement plant located in West Hollywood into a seven-story office building.
The CEMEX Concrete Plant will continue operating while future development plans for the site are progressed.
According to Business Wire, CIM Group is an active owner, developer and operator of a variety of commercial properties proximate to the CEMEX Concrete 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.
CIM, a real estate firm with properties across Southern California. They own 35 properties slated for redevelopment in the Los Angeles neighborhood of West Adams. Additionally, the company has several large residential developments underway in Los Angeles, including a 114-unit apartment complex at 3022 South Western Avenue in South Los Angeles and a 146-unit property at 6611-6637 Hollywood Boulevard along the Hollywood Walk of Fame.