CMCT, Kanden Realty and Taisei Corporation to Convert Prominently Located Los Angeles Office Building into Luxury Multifamily
07 Marzo 2023 - 2:00PM
Business Wire
CMCT (NASDAQ: CMCT and TASE: CMCT) announced today that it has
partnered with Kanden Realty, Taisei Corporation and a third
international institutional investor to convert 4750 Wilshire
Boulevard, a three-story office building in the prominent Hancock
Park neighborhood of Los Angeles, into a mix of office space and
luxury apartments. The upper two floors of the building will be
converted into 68 luxury apartments, while approximately 30,000
square feet of 100% leased ground floor office will remain in
place.
The renovation began in the first quarter of 2023. The makeover
will bring much needed housing to an attractive community, near
shopping and business centers, and just one mile from Los Angeles’
Metro D Line subway, currently under construction.
The building is designed to meet the needs of today’s
professionals working in a hybrid environment. The building will
feature oversized units with room for home office, a co-working
area, a lounge, a high-end pool and courtyard, a fitness and yoga
room, and ample underground parking with dedicated access for
residents.
Conversion of 4750 Wilshire into luxury apartments aligns with
CMCT’s strategy to focus the portfolio on highly amenitized premier
multifamily and creative office assets in dynamic, high barrier to
entry markets.
Kanden Realty, Taisei Corporation and a third institutional
investor recently joined CMCT as co-investors in 4750 Wilshire. The
investment by these significant institutional investors marks an
expansion of CMCT’s asset-light approach, making property-level
equity investments alongside co-investors.
ABOUT CMCT
Creative Media & Community Trust Corporation (“CMCT”) is a
real estate investment trust that owns, operates and develops
premier multifamily and creative office assets in vibrant
communities throughout the United States. CMCT is a leader in
creative office, acquiring and developing properties catering to
rapidly growing industries such as technology, media and
entertainment. CMCT applies the expertise of CIM to the
acquisition, development, and operation of top-tier multifamily
properties situated in dynamic markets with similar business and
employment characteristics to its creative office investments. CMCT
also owns one hotel in Northern California and a lending platform
that originates loans under the Small Business Administration
(“SBA”)’s 7(a) loan program. CMCT is operated by affiliates of CIM
Group, L.P., a vertically-integrated owner and operator of real
assets with multi-disciplinary expertise and in-house research,
acquisition, credit analysis, development, finance, leasing, and
onsite property management capabilities.
(www.creativemediacommunity.com).
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 (the “Exchange
Act”), which are intended to be covered by the safe harbors created
thereby. Such forward-looking statements can be identified by the
use of forward-looking terminology such as “may,” “will,”
“project,” “target,” “expect,” “intend,” “might,” “believe,”
“anticipate,” “estimate,” “could,” “would,” “continue,” “pursue,”
“potential,” “forecast,” “seek,” “plan,” or “should,” or “goal” or
the negative thereof or other variations or similar words or
phrases. Such forward-looking statements include, among others,
statements about CMCT’s plans and objectives relating to the
proposed conversion of 4750 Wilshire Blvd in Los Angeles. There is
no assurance that the conversion will be completed as planned. Such
forward-looking statements are based on particular assumptions that
management of CMCT has made in light of its experience, as well as
its perception of expected future developments and other factors
that it believes are appropriate under the circumstances.
Forward-looking statements are necessarily estimates reflecting the
judgment of CMCT’s management and involve a number of risks and
uncertainties that could cause actual results to differ materially
from those suggested by the forward-looking statements. These risks
and uncertainties include those associated with (i) the timing,
form, and operational effects of CMCT’s development activities,
(ii) fluctuations in market rents, (iii) the effects of inflation
and higher interest rates on the operations and profitability of
CMCT and (iv) general economic, market and other conditions,
including the possibility of recession or an economic downturn.
Additional important factors that could cause CMCT’s actual results
to differ materially from CMCT’s expectations are discussed under
the section “Risk Factors” in CMCT’s Annual Report on Form 10-K for
the year ended December 31, 2021 and in CMCT’s Quarterly Report on
Form 10-Q for the period ended September 30, 2022. The
forward-looking statements included herein are based on current
expectations and there can be no assurance that these expectations
will be attained. Assumptions relating to the foregoing involve
judgments with respect to, among other things, future economic,
competitive and market conditions and future business decisions,
all of which are difficult or impossible to predict accurately and
many of which are beyond CMCT’s control. Although CMCT believes
that the assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could be inaccurate and,
therefore, there can be no assurance that the forward-looking
statements included herein will prove to be accurate. In light of
the significant uncertainties inherent in the forward-looking
statements included herein, the inclusion of such information
should not be regarded as a representation by CMCT or any other
person that CMCT’s objectives and plans will be achieved. Readers
are cautioned not to place undue reliance on forward-looking
statements. Forward-looking statements speak only as of the date
they are made. CMCT does not undertake to update them to reflect
changes that occur after the date they are made.
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version on businesswire.com: https://www.businesswire.com/news/home/20230307005220/en/
Karen Diehl Diehl Communications 310-741-9097
karen@diehlcommunications.com
Shareholder Relations CIM Group 646-652-8473
shareholderrelations@cimgroup.com
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