LOS ANGELES—October 6, 2008—CIM Group today announced the $20.65 million sale of On Broadway, an adaptive reuse property on ground leases in the heart of Downtown San Diego, to Interwest Capital. Transwestern Multi Housing Capital Advisors (MHCA) arranged the sale on behalf of CIM Group.
Commenting on the transaction, John Given, Principal, Development at CIM Group, stated, "We are delighted to close this transaction with Interwest Capital, a well-respected company that shares in CIM's vision for the redevelopment of San Diego's downtown district. We view this as an important transaction for CIM because it demonstrates the strength of our urban investment platform."
On Broadway is situated in the historic Gaslamp Quarter of Downtown San Diego at the corner of Broadway and Fifth Avenue and is comprised of three buildings. CIM Group completed the adaptive reuse of the property in 2003. On Broadway was a catalytic public-private investment that transformed a moribund block and intersection. Since its completion the same block has seen completion of three other redevelopment projects: House of Blues, the 185 room Setai Hotel, and the renovation of the 317 room U.S. Grant Hotel.
On Broadway features 33 loft units, 36,715 square feet of fully-leased retail and a 275 space parking garage. Tenants include Yard House, Ra Sushi, T-Mobile, Hollywood Tans and The Burn.
About CIM Group
CIM Group is a leading investment firm that since 1994 has systematically and successfully invested in dynamic, transitional, 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 three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional districts; and infrastructure. CIM currently has more than $4.5 billion of available equity capital committed to invest. Headquartered in Los Angeles, CIM maintains regional offices in San Francisco and Bethesda, Maryland. For more information, please visit www.cimgroup.com.