OAKLAND, Calif.--(BUSINESS WIRE)--CIM Group announced today that it has commenced construction of an eight-story, residential development featuring 333 apartments and ground floor retail at 40 Harrison Street at Jack London Square, a 12-acre entertainment and business destination on Oakland’s waterfront. The development site is bounded by Embarcadero West, Alice Street, and Harrison Street, and is also adjacent to the San Francisco Bay Trail. The building is anticipated to be completed at the end of 2020.
CIM Group brings its long-standing development and operational expertise to enhance Jack London Square and provide underserved real estate uses to the neighborhood as it has done in other communities across North America. In March 2016 CIM acquired seven buildings of Jack London Square that included three office buildings with ground and second floor retail; three retail buildings; a parking structure with ground floor retail; and three land parcels including 40 Harrison Street.
The construction of new residences and ongoing leasing activities at Jack London Square continues CIM’s program to bring a complementary mix of uses and offerings that appeal to residents, visitors, and tenants. 40 Harrison Street will add to the vibrancy of the area’s many shopping, dining, entertainment, and recreation options, which includes CIM’s new retail leases with Tartine Bakery’s Coffee Manufactory, Grocery Café, and Oaklandish as well as Belcampo restaurant currently under construction, expanding Jack London Square’s exceptional array of restaurants and shops. In addition, the company recently welcomed the Oakland A’s to its roster of office tenants.
The apartment building’s architectural design takes full advantage of its waterfront location with a glass façade providing sweeping bay views, balconies, and landscaped courtyards. The building will offer a host of on-site amenities including communal gathering spots, outdoor terraces and lounges, fitness center, and a bike storage and care facility, with residences configured as studio, one-, two- and three-bedroom floor plans. It will also include 2,400 square feet of ground floor retail that will further enliven the pedestrian street experience.
CIM has been involved in the Greater Bay area since 2001, when it identified the community as possessing the attributes that fit its investment model, a proven methodology that focuses on established and emerging urban areas with solid infrastructure and transportation networks. CIM’s first Oakland acquisition took place 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. Most recently the firm acquired Uptown Station, a redevelopment of a former department store to a 355,000 square-foot office building, with significant ground floor retail located in the Uptown district of downtown Oakland, and 1100 Clay Street, a development parcel, where CIM is building a 16-story, 288-unit apartment building. Currently, CIM’s Oakland portfolio is comprised of approximately 3 million square feet that includes a variety of Class A commercial properties.
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, office, and industrial net-lease. CIM’s broad expertise includes in-house research, acquisition, investment, credit analysis, development, finance, leasing and asset management capabilities. For more information, please visit www.cimgroup.com