Los Angeles, Calif. — CIM Group has acquired a seven-asset portfolio that includes an office tower with ground floor retail and an enclosed regional shopping mall.
Two California Plaza is a 52-story Class A office building in downtown Los Angeles. Located in the downtown submarket of Bunker Hill, Two California Plaza spans approximately 1.28 million net rentable sq. ft. of office space and 44,000 sq. ft. of retail. The building, which recently received a 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.
Montclair Plaza is a 1.3-million-sq.-ft. enclosed mall in Montclair, Calif. CIM acquired 868,000 sq. ft. of this established retail center. Anchors include Macy’s, Nordstrom, Sears, J.C. Penney and Target. The plaza is located in downtown Montclair, which is being redeveloped under a city plan that includes new residences and pedestrian corridors designed to create an urban, walk-able 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.