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Commercial Real Estate

2 Firms Buy Hollywood Properties

Acquisitions: Jay Silverman plans a complex for entertainment firms. CIM purchases a 12-story retail-office building.

October 20, 1998|MICHELLE MALTAIS | TIMES STAFF WRITER

Two recent property acquisitions are Hollywood sequels to the groundbreaking for TrizecHahn's entertainment-retail complex earlier this month at Hollywood Boulevard and Highland Avenue.

CIM Group has bought a building on Hollywood Boulevard, and Jay Silverman Productions has acquired property on Cahuenga Boulevard to rehabilitate.

The Jay Silverman project is on a little more than an acre at 1531 N. Cahuenga Blvd. More than 20,000 square feet of existing buildings will be turned into a $5-million complex for entertainment firms.

A two-story, 8,000-square-foot building at the rear of the property will serve as Jay Silverman's expanded headquarters.

The boutique production company was represented by Michael Malick, vice president and partner of Los Angeles-based Ramsey-Shilling Co., and Paul Ramsey, Ramsey-Shilling's co-chairman, represented the seller, Alexander's Stationery.

CIM Group, known for "street retail" properties and historical renovations, purchased a building at 6922 Hollywood Blvd., at the southeast corner of Hollywood and Orange boulevards, for $14 million.

The 12-story building has 31,000 square feet of ground-floor retail and banking space and 152,374 square feet of office space.

So far, CIM has no redevelopment plans but is studying several options, including upgrading and modernizing the building.

CIM, based in Westwood, bought the building from K Associates, Stanley Black and Joyce Black. For years, it has been known as Fries Entertainment Building.

CIM Group investor partners include Federal Realty Investment Trust and Credit Suisse First Boston Mortgage Capital.

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