CIM Group Sells 11-Acre West Hollywood Studio Campus To Shell Company For $229.8M

The Lot, an 11-acre office asset located at 1041 North Formosa Avenue in West Hollywood, was sold for $229.8 million. This historic campus includes seven sound stages and covers a full block on Santa Monica Boulevard. It is also the headquarters for Miramax and is known for hosting productions such as HBO’s "Euphoria" and "Big Little Lies." The asset has been under the ownership of CIM Group since 2007 and has undergone significant updates, including the addition of new office buildings and garages.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $229,800,000
• Seller: Shaul Kuba, Richard Ressler & Avi Shemesh - CIM Group
• Market: West Hollywood
• Financing: $155 million loan from Blue Sky Servicing
• Previous Loan: $150 million from an AllianceBernstein-linked fund

The transaction was structured as a recapitalization deal with a shell company controlled by CIM Group. This strategic maneuver involved replacing an existing loan to facilitate the sale, demonstrating CIM's ongoing investment and management strategy for the historic studio campus.