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Office Properties Are Rapidly Appreciating

LOS ANGELES—CIM Group sells an office property for $24 million after purchasing it in June 2013 for $14 million, an appreciation of 41% in less than two years.

By Kelsi Maree Borland | Updated on February 12, 2015

LOS ANGELES—CIM Group has sold an office property in Los Angeles to a medical group owner/occupier for $24 million. In June 2013, CIM Group had purchased the property for $14 million, and with this sale, has earned an appreciation of 41% on the property in less than two years. This was an off-market transaction.

According to the brokerage team, CIM Group was in the process of repositioning the property when the buyer approached them with its $24 million offer. The healthy sales price allowed them to achieve their original goal without undergoing to value-add component, making the transaction a win-win for both parties. Lynwood Fields and Bob Safai of Madison Partners represented the seller in the transaction. Madison Partners also represented CIM Group when it purchased the property originally in June 2013.

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