CIM is looking at one project in San Francisco and four or five in Oakland, according to Avi Shemesh, principal and co-founder of CIM Group. The Los Angeles based firm plans to open a Northern California office in the near future, Shemesh added.
First closings of about $180 million in commitments for the California Urban Real Estate Fund were just announced. The California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS) committed $125 million and $45 million respectively. The projected $400 million fund to provide equity financing to projects in underserved urban areas is slated for final closing on July 1.
The Fund's portfolio will be a mix of housing, office, entertainment, parking and retail projects .In the Bay Area investors have been looking mainly at significant projects of $50 million or more that include loft-style apartments over retail space. Projects will include renovations and repositioning of older properties as well as new developments.
The firm has a large pipeline of urban projects throughout the state for the fund and continues to look for new acquisition and joint venture opportunities that meet the investment criteria, according to Shemesh.
CIM Group and its partners committed more than $225 million to urban mixed-use projects prior to raising the fund including the redevelopment of a historic building in downtown San Jose.
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