OAKLAND, Calif.--(BUSINESS WIRE)--CIM Group today announced it has completed the acquisition of Jack London Square, an approximately 434,000-square-foot destination comprised of three office buildings with ground and second floor retail, three retail buildings, a parking structure with ground floor retail, and three land parcels, situated on 12 acres and well-positioned on the waterfront in downtown Oakland. Jack London Square’s seven long-term ground leases were approved for transfer to the CIM Group by the Port of Oakland, and CIM purchased two adjacent privately-owned fee parcels.
Designed to maximize the site’s waterfront views, Jack London Square’s seven mid-rise buildings are spread across the property around a central plaza that is programmed year-round with special events to enhance public engagement. It offers approximately 243,000 square feet of modern office space and approximately 191,000 square feet of retail, with a variety of dining and entertainment options that appeal to employees, residents and visitors. The property also includes a 1,095-stall parking facility. Jack London Square’s striking one-third mile of publicly-accessible waterfront provides a significant recreation opportunity including biking trails, picnic areas, and water sports.
Jack London Square includes two parcels with entitlements for the development of a residential tower of up to 665 units and a parcel entitled for the development of a 250-room, 220,000-square-foot hotel. These properties will offer sweeping views across the bay and of the San Francisco skyline as well as enjoying the connection to the many desirable amenities available at Jack London Square. CIM is working towards maximizing the value of these parcels and is commencing the design of a program that is within the scope of the existing entitlements.
Jack London Square’s location offers multiple options for access including by ferry, Amtrak and BART and a free downtown shuttle service as well as from the region’s major transportation corridors including I-80, I-580, I-880, and I-980.
CIM Group brings its more than two decades of experience in repositioning, developing, and redeveloping retail, office, residential and hotel properties in dynamic urban communities to the ownership and management of Jack London Square. The company’s work in transformational retail districts include the Third Street Promenade in Santa Monica, Downtown Los Angeles, Hollywood, including the successful repositioning of the prominent Hollywood & Highland Center®, and Chicago’s Loop with Block Thirty-Seven.
CIM has been involved in the Greater Bay Area since 2001, when it identified the community as possessing the attributes that fit its investment discipline, a proven methodology that focuses on established and emerging urban areas with solid infrastructure and transportation networks.
CIM’s first Oakland acquisition was in 2007 and in 2008 it acquired a 1.7 million-square-foot portfolio of Class A office properties in the Lake Merritt and City Center districts. Currently, CIM’s Bay Area portfolio is comprised of approximately 3.1 million square feet that includes a variety of Class A commercial properties in San Francisco and Oakland.
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 five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. 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.