No confirmation of any grander scheme, as CIM is being tight lipped about this acquisition. However, we've discovered that CIM Group has acquired two properties at 1811 Orchid Avenue for $2 million, as of April. The properties were the missing corner piece in the Yamashiro/Magic Castle listing that we mentioned previously - it has since been removed from the broker's web site. The development of that parking lot next to the Magic Castle would be another jewel in CIM's Hollywood portfolio. We anticipate news of a fantastical mixed-use, underground parking, condo development with a ground floor mega-Pinkberry any day now.
· Yamashiro, Magic Castle Listing [Curbed LA]
· CurbedWire: More Dirty Rumors [Curbed LA]