Search
 

CIM Group Acquires 7-Asset Portfolio

LOS ANGELES-The CIM Group buys a seven-asset portfolio that includes Two California Plaza and Montclair Plaza from CWCapital Asset Management as part of a larger REO sale.

By Kelsi Maree Borland | Updated on February 12, 2014

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.