LOS ANGELES—June 3, 2003—With the intent of developing a retail center in one of the most densely populated neighborhoods in the country, CIM Group has acquired approximately 11 acres at the corner of Pico Boulevard and San Vicente Boulevard in Los Angeles. Capitalizing on national and regional retailers' efforts to expand into urban markets, CIM Group completed its purchase of one of the largest properties zoned for commercial use north of the 10 Freeway and west of the 110 Freeway.
"We are enthusiastic about the prospects for this unique site, based on its central location, outstanding access and size," said Shaul Kuba, Principal and Co-founder of CIM Group. "This development will provide a significant number of job opportunities in construction and permanent retailing jobs as well as further revitalize the area. The demographic profile of this district is very attractive for retailers and we look forward to working with community leaders to optimize the benefits of this development."
CIM Group is a full service real estate investor and operator organized in 1994 to revitalize districts of high population density, including the traditional downtown areas within large cities and the main street district s within towns and suburban cities. A leader in California's urban renaissance, CIM Group has contributed to California's urban fabric through its real estate investments that comprise a premier portfolio of street retail, housing and office properties in California's most popular destinations, including Santa Monica's Third Street Promenade, Old Pasadena, Birch Street in Brea, Downtown Los Angeles, Hollywood Boulevard, San Diego's Gaslamp Quarter and San Jose's Downtown. Each CIM Group investment adapts proven land use and design principles of great urban districts to the unique strengths of the location and the needs of the community.