November 19th, 2007
Hollywood retail property
CIM Group, which is backed by Calpers and California State Teachers on opportunistic buys, closed on Hollywood & Highland, the troubled entertainment/retail complex in Los Angeles. In a transaction brokered by Eastdil Realty, CIM paid $120 million for a 640,000 sf of retail/entertainment space–including the 3,650-seat Kodak Theater, where the Academy Awards ceremony is held.
In a transaction brokered by Jones Lang LaSalle, CIM paid an additional $80 million for the adjacent 640-room Renaissance Hollywood Hotel. Trizec Properties, the seller of both parts of the complex, spent $615 million constructing the facility, which opened two years ago.