Galaxy

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Bullish on Hollywood

Westwood-based CIM Group LLC is poised to snap up a second property on Hollywood Boulevard the Hollywood Galaxy.

CIM is in escrow to purchase the retail-entertainment project from Citibank. The Galaxy was built with high hopes in 1991 but has never lived up to those early expectations.

The 130,000-square-foot development includes the Hollywood Entertainment Museum, a six-screen General Cinema on the second floor and first-floor retail that is completely vacant.

CIM, which specializes in street retail, plans to give the project “a substantial facelift,” said principal Avi Shemesh. The firm currently is talking to architects.

“Our idea is to keep the museum and theater and improve the retail,” Shemesh said.

The project is across the street from an office building CIM recently purchased.

“In Hollywood, we see a huge improvement and we’re very focused on Hollywood,” Shemesh said.

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