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California  + Los Angeles  + Retail  | 

CIM Group Sells WeHo MF Slated for Hotel Conversion

Early Bird Alert: Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.

Los Angeles-based CIM Group divested the $250-million 8500 Sunset Boulevard to Pennsylvania-based Korman Communities and Brookfield Property Group. The recently-completed 190-unit multifamily complex on WeHo’s Sunset Strip is envisioned to be converted to an upscale extended-stay property.

Cushman & Wakefield Capital Markets Group’s Marc Renard, Manfred Schaub, Morgan Jackson and Paul Darrow represented the seller. The buyer was self-represented.

Renard says, “8500 Sunset is truly an irreplaceable world-class asset that took nearly 20 years to get entitled and built. The deal attracted global capital interest, with offers to purchase generated from over 10 different countries.”

CIM Group plans to retain ownership of the ground-floor retail that includes 22,000 square feet of space slated to be occupied by luxury retailer Fred Segal. The asset is part of a more than $300-million development that includes a separate hotel called “1,” along with stores and restaurants.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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