CIM Group Acquires 1.3-Acre Development Site In Los Angeles For $13.5M

CIM Group has acquired a 1.3-acre development site in Los Angeles for $13.5 million from the West Angeles Church of God. The property, located at 3045 Crenshaw Boulevard in the historic West Adams neighborhood, is entitled for a mixed-use development. The planned project will feature 168 apartment units, including 17 affordable units, and 40,000 square feet of ground floor retail space. The sale of the vacant church property will support the church's programs and the construction of The Family Life Center, a community-serving building.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $13,500,000
• Market: Los Angeles
• Address: 3045 Crenshaw Boulevard

Shaul Kuba represented CIM Group in the transaction, while Bishop Charles E. Blake Sr. represented the West Angeles Church of God. This acquisition is part of CIM Group's ongoing efforts to bring positive change and new developments to the West Adams neighborhood. The development project is set to contribute to the revitalization of the area and provide housing and retail opportunities.