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.