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Developer CIM Group buys again in Hollywood, acquiring Sears store site

Los Angeles developer CIM Group has purchased a former Sears store site in Hollywood, a 5-acre plot where the previous owner tried to build a large residential and retail project.

It's unclear what CIM's plans are for the site at Santa Monica Boulevard and Wilton Place. The developer declined to comment, as did the previous owner, Continental Development Group. However, real estate data provider CoStar pegged the sale price at $43.5 million.

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Continental previously sought to build 437 residential units and 377,900 square foot of commercial space on the site in a project it dubbed Paseo Plaza.

The city's approval of that project in 2007 was the target of litigation by the La Mirada Avenue Neighborhood Assn.

Doug Haines, a spokesman for La Mirada, said that his organization reached a settlement agreement with the city and developer over traffic mitigation measures.

La Mirada is also involved in litigation concerning CIM Group's nearby apartment tower in Hollywood at Sunset Boulevard and Gordon Street.

The CIM-Sears deal, confirmed by public records, was first reported by the Los Angeles Business Journal.

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