CIM Flips Beverly Grove Office for $24M
One of the co-owners of Beverly Hills Spine Surgery has picked up the 38k SF office at 8436 W Third St for $24M, the Los Angeles Business Journal reports. The building was purchased by Dr. Khawar Siddique. This is a big flip for CIM, which bought the Joseph Youngerman Building from the Directors Guild of America in July 2013 for $14M. The 9-story office is on about .3-acres in Beverly Grove. The Journal reports Lynwood Fields and Bob Safai of Madison Partners repped CIM.
The move could free up some dough for CIM, which has lofty plans about three miles away. The firm is pitching a 169-unit mixed-use at 904 La Brea. Designed by Shubin+Donaldson, the project would feature studio, one- and two-bedroom units, including 14 low-income units. The usual suspects as far as amenities: pool, gym, outdoor deck. In addition, CIM has a solid long-term portfolio, perhaps highlighted by 350 S Grand Ave. The 52-story tower is one of the priciest in DTLA and ranks No. 8 in LA's tallest skyscrapers.