ANAHEIM, Calif.--(BUSINESS WIRE)--CIM Group announced today the sale of four apartment properties with ground-floor retail located in downtown Anaheim, the latest asset disposition from its substantial national portfolio of properties under management. The four- and five-story apartment buildings—Promenade Lofts, Doria Lofts, Carnegie Plaza and Broadway Arms—are comprised of a total of 276 units with approximately 27,000 square feet of ground floor retail. In 2006 through 2008, CIM developed these properties through a public/private partnership with the city of Anaheim as part of its efforts to create a vibrant, mixed-use downtown core.
“CIM recognized the need to bring more residential options and neighborhood amenities to Anaheim in order to serve the community. We applied our expertise in development, leasing and management to develop these desirable properties that have attracted residents as well as retail and restaurant destinations, and enhanced the downtown area,” said Shaul Kuba, Co-founder and Principal of CIM Group. “Using the depth of our in-house team we are also able to create real estate assets that have reliable and predictable income streams, sought-after by many domestic and global investors, and this has been demonstrated by the success we have had in selling a number of our retail, hotel, and multifamily assets since the beginning of the year.”
Since January, CIM has sold assets totaling 570 residential units, 419 hotel rooms and approximately 1,420,000 square feet of retail space, including the Anaheim properties. Among these assets are:
- Midtown Crossing, an approximately 330,000-square-foot open-air retail center in Los Angeles,
- The Strand, an approximately 105,000-square-foot mixed-use property in Huntington Beach, California,
- The Joie de Vivre, a 157-room boutique hotel located at The Strand,
- 800J Lofts, a 225-unit apartment building with approximately 19,500 square feet of retail space in downtown Sacramento.
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, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com.