CIM Group Sells Sunset Vine TowerWednesday, June 26, 2013
CIM Group on Wednesday said that it has sold Sunset Vine Tower, a 20-story, 64-residence luxury apartment building, to an unidentified buyer.
The Hollywood-based real estate developer, which also owns Hollywood & Highland Center, did not disclose financial terms of the deal. Sunset Vine Tower, which opened in 2010, was redeveloped by CIM on the site of a 1960s-era office building that was damaged by fire in 2001.
The residences are consistently nearly 100 percent leased, CIM said, with rents ranging from $3,400 to $10,000 according to industry tracker CoStar. Ground floor retail tenants include Tender Greens, Melt, and Go Burger.