CMCT Acquires Parcel for Apartment Development in Los Angeles’ Jefferson Park Neighborhood
April 07 2022 - 12:30PM
Business Wire
Plans Underway for a 45-Unit Apartment
Building
CMCT (NASDAQ: CMCT and TASE: CMCT-L) announced today that it has
acquired 3101 S. Western Ave., a 0.26-acre parcel in Los Angeles’
Jefferson Park submarket, for $2.3 million.
CMCT intends to build a five-story apartment building with
approximately 45 apartment residences offering a mix of studio,
one-, and two-bedroom floor plans. The building will also provide
2,000 square feet of ground floor retail space. Construction is
anticipated to begin in late 2023 or 2024.
“This area of Jefferson Park includes a commercial corridor and
attractive residences and is experiencing renewed interest as a
business and residential location option for young professionals.
Our development will bring new, modern apartments to this community
where there is strong demand,” said David Thompson, Chief Executive
Officer of CMCT.
3101 S. Western is situated within Los Angeles’ Jefferson Park
neighborhood, home to a variety of residential buildings, shops,
restaurants, and offices, and near the West Adams neighborhood
where CIM Group has renovated or developed numerous apartments,
restaurants, and retail spaces since 2016. The property is
convenient to public transit options along West Adams and Jefferson
Boulevards, offers convenient access to the 10 and 110 freeways,
and is within 1.5 miles of the University of Southern California
and 5.5 miles from downtown Culver City, home to several premier
technology and entertainment companies.
ABOUT CMCT
Creative Media and Trust Company (“CMCT”) is a real estate
investment trust that seeks to acquire, operate and develop premier
multifamily and creative office assets in vibrant and emerging
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 seeks to apply 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
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,” “should,” “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 future growth. 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 scope, severity
and duration of the current pandemic of COVID-19, and actions taken
to contain the pandemic or mitigate its impact, and the
winding-down or termination of governmental assistance programs
implemented to address the pandemic, (ii) the adverse effect of
COVID-19 on the financial condition, results of operations, cash
flows and performance of CMCT and its tenants and business
partners, the real estate market and the global economy and
financial markets, among others, (iii) the timing, form, and
operational effects of CMCT’s development activities, (iv) the
ability of CMCT to raise in place rents to existing market rents
and to maintain or increase occupancy levels, (v) fluctuations in
market rents, including as a result of COVID-19, (vii) the effects
of inflation and higher interest rate on the operations and
profitability of CMCT and (vii) general economic, market and other
conditions. 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 filed with the
Securities and Exchange Commission on March 16, 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 we believe 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, except as may be
required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220407005904/en/
Media Contacts Karen Diehl Diehl Communications
310-741-9097 karen@diehlcommunications.com
Shareholder Relations CIM Group 646-652-8473
shareholderrelations@cimgroup.com
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