SEATTLE--(BUSINESS WIRE)--CIM Group announced today that it has acquired Pine Street Garage, an 11-level, 844-stall garage with approximately 20,300 square feet of ground floor retail located at the prominent corner of 3rd Avenue and Pine Street in downtown Seattle. Stewart Street fronts the Garage to the north and is one of the main arteries into downtown Seattle from Interstate 5. CIM made the acquisition with its partner, LAZ Parking Realty Investors.
The Garage is well-located in the heart of the Seattle CBD, situated only a few blocks from Pike Place Market and surrounded by a high concentration of hotels, shops, and restaurants. It is also connected through a sky bridge to the adjacent Macy’s historic building, of which the top six floors are currently being redeveloped to Class A office space, with approximately 312,000 square feet leased by Amazon. The partnership will implement institutional, best-in-class management and operating systems to create efficiencies in the garage operations and improved service for parking users.
CIM also owns and operates One Convention Place, a 312,000-square-foot office building with 273 parking stalls located at the southeast corner of Pike Street and 7th Avenue in downtown Seattle.
About CIM Group
Established in 1994, CIM is a vertically-integrated owner and operator of real assets for its own account, and on behalf of its partners and co-investors seeking to invest in urban real assets, net-lease assets, and other associated credit strategies, with a principal focus on North America. CIM’s real assets include urban residential, commercial, retail, hospitality, debt, and infrastructure investments as well as U.S.-based retail and industrial net-lease. CIM’s broad expertise includes in-house research, acquisition, investment, development, finance, leasing and asset management capabilities. For more information, please visit www.cimgroup.com.
About LAZ Parking Realty Investors
Formed in 2007, LPRI has led the industry in the acquisition of parking assets on behalf of itself and its investment partners over the past 11 years. These acquisitions span all classes of parking assets, including: parking garages, surface parking lots, airport parking facilities, and municipal concessions (meters and parking facilities). Parking asset owners (individuals, corporations, lenders and municipalities) seeking liquidity, funds for redevelopment and other projects, have relied on LPRI to successfully complete complicated transactions at fair prices. LPRI has the most experienced team in the industry with full services from underwriting transactions to establishing successful partnerships and joint ventures. For more information, please visit www.lprillc.com.