LOS ANGELES--()--CIM Group today announced that it has sold the Market Lofts Retail, an approximately 55,000-square-foot property located on 9th Street between Hope and Flower Streets in downtown Los Angeles to MDC Realty Advisors USA, Inc.
Anchoring the space is the 50,000-square-foot Ralphs Fresh Fare supermarket, which opened in June 2007. By bringing in the first full-service supermarket to downtown in more than 50 years, CIM Group’s announcement of the Ralphs lease at the Market Lofts development was widely acknowledged as a major turning point in the revitalization of the city center.
CIM Group developed the Market Lofts project, which includes 267 condominiums built above the street-level retail space. The retail space is fully-leased and includes The Coffee Bean & Tea Leaf, Supercuts, Simply Salads, Robeks Juice, The UPS Store and Quiznos.
More than 10 years ago, CIM identified downtown Los Angeles as possessing the attributes that fit its investment discipline, which focuses on established and emerging urban areas with solid infrastructure and transportation. CIM was among the first real estate investment companies to convert older, vacant warehouses and office buildings into residences under the Los Angeles Adaptive Reuse Ordinance, a major driver of the revitalization of downtown Los Angeles.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com.