SOLD
CIM Group Inc. Acquires Art Deco Office And Retail Building In Miracle Mile For $30M
5500 Wilshire Boulevard
Office
79,000 SF
79,000 SF
Summary
Sale
CALIFORNIA
Office
79,000 sqft
An art deco office and retail building located at 5500 Wilshire Blvd in the Miracle Mile market of Los Angeles has been sold for $30,000,000. Spanning a block between South Burnside and South Dunsmuir avenues, the building was originally constructed in 1928 for the upscale Desmond's and Silverwoods department stores. The 79,000 square foot property was the first major clothing retailer on the Miracle Mile and also housed doctors and professionals in its upper floors.
Summary of transaction details
- Property Type: Art deco office and retail building
- Transaction Amount: $30,000,000
- Address: 5500 Wilshire Blvd, Los Angeles
- Market: Miracle Mile
The buyer in this transaction was CIM Group Inc., while the seller was Brookfield Asset Management. The purchase was completed on October 16, 2018. The deal involved Shaul Kuba and Avi Shemesh of CIM Group, and Brian Kingston, Ric Clark, and Bruce Flatt of Brookfield Asset Management.
Read LessDetails
SOLD
IMAGE: Shaul Kuba and Avi Shemesh of CIM Group, Brian Kingston, Ric Clark and Bruce Flatt of Brookfield Asset Management
DATE: 10/16/2018
ADDRESS: 5500 Wilshire Blvd
MARKET: Miracle Mile
CITY: LA
ASSET TYPE: Art deco office and retail bulding
PRICE: $30,000,000
SF: 79,000
PPSF: $379
BUYER: CIM Group Inc.
SELLER: Brookfield Asset Management
NOTE: The building, which spans a block between South Burnside and South Dunsmuir avenues, was originally built in 1928 for the upscale Desmond’s and Silverwoods department stores. Desmond’s was the first major clothing retailer on the Miracle Mile when it opened in 1929, with the upper floors of the tower occupied by doctors and professionals. (LABJ) @labjeventsView on map
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Address5500 Wilshire Boulevard
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