By Alex Girda, Associate Editor
CIM Group, a specialist in investing in and developing urban properties, has sold its Hollywood Boulevard headquarters to Hudson Pacific Properties Inc. Hudson Pacific bought the 12-story office building at 6922 Hollywood Boulevard for $92.5 million, the Los Angeles Business Journal reported. The deal marks Hudson Pacific’s fourth purchase in Hollywood and its seventh Los Angeles-area acquisition in the past 12 months, the Business Journal added.
CIM Group will continue to maintain its headquarters at the 202,522-square-foot property, which also offers 33,694 square feet of ground-floor retail space. The 44-year-old building was renovated most recently between 2005 and 2007.
In other real estate news, New York-based Phoenix Realty has acquired a 237-unit Long Beach multifamily complex from BPG Properties in a $34.5 million deal. New Standard Equities, which arranged the deal, will stay on to manage the 48-year-old asset.
Phoenix Realty Managing Director Edward Ratinoff told the Los Angeles Times that the market is ready to go on the upswing. Purchase of the Long Beach property reflects the company’s strategy of seeking out in “areas that get under-looked”. Along those lines, Phoenix Realty recently paid $36.4 million for a 288-unit apartment complex in Riverside, Calif.