SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that CIM Group has expanded its San Francisco investments with the acquisition of the 330 Townsend office building in the South of Market District. According to the firm, the SoMa district has one of the city's lowest office vacancy rates.
The building is 98% leased to a variety of creative and professional services firms. The building is across the street from the CalTrain San Francisco Station and one block from the new Central Corridor transit line under construction.
CIM has been involved in the Greater Bay Area since 2001, when it identified the community as “possessing the attributes that fit its investment discipline, a proven methodology that focuses on established and emerging urban areas with solid infrastructure and transportation networks. This acquisition continues the firm's investment program in the area.” CIM Group has investments in a variety of commercial properties in the Bay Area, including approximately 2.7 million square feet of Class A office properties and two hotels.
CIM's additional SoMa District investments include 260 Townsend, a fully-leased class-A office building located one block from 330 Townsend, and 211 Main St., a fully-leased class-A office building located several blocks north of the Townsend Street assets.
330 Townsend is zoned for additional commercial development under the West SoMa Community Plan. The property is also within San Francisco's Central Corridor planning district, which is currently evaluating new guidelines that will propose changes to the allowed land uses and building heights, and will include a strategy for improving the pedestrian experience in this area.
GlobeSt.com could not get the purchase price of this particular acquisition by deadline, but the company has been busy as of late. As GlobeSt.com previously reported, CIM Group recently completed the sale of the remaining 12 San Francisco apartment properties that were part of a 22-building, 418-unit portfolio. The company acquired the portfolio in June 2009 through a deed in lieu of foreclosure transaction.
And down a little further south in L.A., the firm sold the Market Lofts Retail, an approximately 55,000-square-foot property located Downtown at 645 W. 9th St., to MDC Realty Advisors USA Inc. The ground-floor retail portion of the development known as Market Lofts sold for $18.95 million, according to Hanley Investment Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, which represented both the buyer and the seller in the transaction.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
