SAN FRANCISCO—CIM Group has acquired a two-acre parcel at 1000 Channel Street that is fully-entitled under the Mission Bay South Development Plan for 350 residential condominium units. Cim's plan calls for two towers, approximately 14,000 square feet of retail space, and parking.
Currently utilized as a surface parking lot, the site is situated along Mission Creek with close to 650 feet of frontage along the waterfront. It is conveniently situated within walking distance to the King Street Caltrain Station and a Muni Metro line.
The central subway line, to be completed in 2018, will run adjacent to the site and will connect it to Union Square and Chinatown, where additional transportation options are available. The Mission Bay district is a transformational area with direct access to amenities such as the San Francisco Giants AT&T Stadium and the planned Golden State Warriors arena project. Mission Bay is headquarters to several major technology companies, and the University of California San Francisco's $1.5 billion, 289-bed UCSF Medical Center at Mission Bay.
CIM has been involved in the Greater Bay Area since 2001, when it identified communities located in the Area as possessing the attributes that fit its investment model, 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 Greater Bay Area, and is its sixth acquisition in San Francisco.
Other CIM investments in the SoMa/Mission Bay area includes 330 Townsend, a creative office building located a block from its 260 Townsend Class A office building. In the neighboring South Financial District CIM owns 211 Main Street, a class A office building, 246 1st Street, a five-story office building, and Central Tower, a two-building office and retail complex located at 703 Market Street and 26 Third Street. CIM Group's commercial investments in the Bay Area include approximately 2.8 million square feet of class A office properties and two hotels.
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