A property that has been entitled for a mixed-use residential development has now been placed up for sale. CIM Group is placing the 184,819 square foot property in Los Angeles up for sale with an undisclosed asking price. Marketing is led by a team from Colliers, including Mark Tarczynski, Sean Fulp, Ryan Plummer, Mark Shuessler, Blake Hammerstein and Adam Tischer.
The property is located at 4680 Wilshire Boulevard on more than two acres. It has been owned by an entity affiliated with CIM Group since 2014, when it was acquired for $22.37 million, or about $121 per square foot, public records show.
According to Colliers, the property is fully entitled for a 65-unit condominium project with 58,330 square feet of office space. The unit count includes 42 one-bedroom units, 19 two-bedroom units and four three-bedroom units.
The property is situated in the Mid-Wilshire neighborhood across from CIM Group’s headquarters at 4700 Wilshire Blvd. A number of other residential and commercial buildings are also closely situated to the site.
“The property’s surrounding neighborhoods contain a highly sophisticated and affluent population. In fact, over 10% of the population within a mile of the property have a net worth above $2 million, with an average net worth surpassing $1 million. Additionally, 57% of individuals living within a mile of the property have attained a bachelor’s degree or higher, which is over 20 percentage points above the national average,” the listing states.
CIM Group is a Los Angeles-based investment and development firm. According to its website, CIM Group currently has more than 1,000 employees and a portfolio of 135 communities with $30.7 billion worth of assets owned and operated.
