CIM Group Acquires 7-Asset Portfolio

LOS ANGELES-The CIM Group has purchased a seven asset portfolio of office, retail and hotel properties from special servicer CWCapital Asset Management LLC. The sizeable portfolio features Two California Plaza and Montclair Plaza as well as assets throughout California and Maryland, including class-A office buildings in Downtown Los Angeles, Orange County and Gaithersburg, Maryland; an office campus in Frederick, Maryland; and hotel properties including the Comfort Suites in San Diegoand the Hilton Hotel in Bakersfield. The purchase price is undisclosed.

Two California Plaza and Montclair Plaza alone are major assets. Two California Plaza is a LEED Platinum office and retail building in the Bunker Hill neighborhood of Downtown Los Angeles. It has 1.3 million square feet of office space and 44,000 square feet of retail space. It is part of a two-tower center that includes One California Plaza, which was purchased late last year by Madison International Realty for $295 million from Beacon Capital Partners LLC. The second major asset, Montclair Plaza, is a 72-acre, 1.3 million-square-foot mall in Downtown Montclair. CIM purchased 868,000-square-feet of the retail center.