Press Releases

CIM GROUP ANNOUNCES LONG-TERM LEASE WITH WALGREENS AT DOWNTOWN OFFICE PROPERTY

4/13/2009


OAKLAND, Ca.—April 13, 2009—CIM Group announced today that Walgreens has agreed to a long-term lease for approximately 14,000 square feet of previously vacant retail space at 1333 Broadway in downtown Oakland. The store is expected to open in the first quarter of 2010.

Commenting on the announcement, Jeff Kreshek, Principal, CIM Group, said, "We are very pleased that Walgreens, one of the country's largest drug store chains, will remain a key retail anchor in downtown Oakland. It has been our goal to attract and retain desirable tenants in order to continue the growth of this live/work urban community."

As part of its business strategy, CIM frequently invests in properties located in a qualified community. In October 2008, the firm acquired 1333 Broadway from Brandywine Realty Trust as part of a five-building acquisition in the Lake Merritt and City Center districts of downtown Oakland. This transaction followed CIM's purchase of the Oakland City Center Marriott and the Courtyard Oakland Downtown in June 2007.

The new Walgreens will be located at the prominent intersection of Broadway and 13th Street, directly above the City Center BART station.



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