CIM Group Acquires Seven-Asset Portfolio Including Two California Plaza & Montclair Plaza
Portfolio Includes Office, Retail & Hotel Properties in California & Maryland
LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that it has acquired a seven-asset portfolio that includes: Two California Plaza, a 52-story, Class A office building in Downtown Los Angeles; Montclair Plaza, a two-story enclosed regional shopping mall in Montclair, California; Stadium Towers Plaza, a 12-story, Class A office tower in Orange County, California; Montvale Center, an approximately 125,000-square-foot office building in Gaithersburg, Maryland; Comfort Suites-San Diego/Mission Valley, a 126-room hotel located in San Diego, California; DoubleTree by Hilton Hotel-Bakersfield, a 262-room hotel located in Bakersfield, California; and a non-performing loan secured by 270 Technology Park, an approximately 440,000-square-foot office campus in Frederick, Maryland.
Two California Plaza, the marquee asset in this seven-asset portfolio acquisition, is located in the downtown submarket of Bunker Hill with approximately 1.28 million net rentable square feet of office space and 44,000 square feet of retail space. This building, which recently received LEED Platinum certification, is part of a two-tower office complex that shares a retail and restaurant pavilion including a 1.5-acre water court and performance plaza. Two California Plaza is also near popular destinations such as the Music Center with the Walt Disney Concert Hall, the Cathedral of Our Lady of the Angels, the Museum of Contemporary Art, and Los Angeles Central Library, and in close proximity to significant developments that are transforming Downtown Los Angeles including new cultural, residential, entertainment and transportation infrastructure projects.
Another significant asset in the acquisition, Montclair Plaza, is set on approximately 72 acres, and is an established retail center offering an array of national retailers and restaurants in addition to key anchors including Macy’s, Nordstrom, Sears, JC Penney, and Target. CIM acquired 868,000 square feet of the 1.3 million-square-foot mall. Montclair Plaza is in the heart of downtown Montclair, which is being transformed under the city’s specific plan that includes new residences and pedestrian corridors to create an urban, walkable district.
CIM acquired this seven-asset portfolio as part of the sale of a larger portfolio of real estate-owned and non-performing loan assets spread across the United States from special servicer CWCapital Asset Management, LLC. CIM’s portfolio consists of income-generating properties mainly in communities in which CIM has been active for several years and that fit within its longstanding investment discipline of qualifying communities in established and emerging urban areas with solid infrastructure and transportation networks as well as significant private and public real estate and infrastructure investments. Many of these assets will benefit from CIM’s experience in successfully repositioning and operating office, retail, and hotel assets as it has with several projects across the country including the mixed-use entertainment, restaurant and retail destination, Hollywood & Highland® Center in Los Angeles and its five-building office portfolio in Oakland’s Lake Merritt district.
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