SAN FRANCISCO—January 8, 2010—CIM Group has completed the acquisition of 211 Main Street, an 18-story office building in the South Financial District of San Francisco. The 371,825-square-foot, Class A building is fully-leased.
211 Main Street is a stable, operating property well-positioned in the heart of a district that has in recent years become an increasingly desirable office location. The South Financial District is a mature submarket that is in the midst of a transformation with new commercial developments, redevelopment of the Transbay Terminal and new luxury residences and retailers in the adjacent Rincon Hill neighborhood that has raised the profile of the area and increased the potential for improved asset values.
The greater Bay Area possesses the attributes that fit CIM Group's investment model, which focuses on urban districts positioned for economic expansion with solid infrastructure and transportation networks. The investment expands CIM Group's holdings in the Bay Area. CIM owns additional office properties and 22 apartment buildings totaling 418 units in San Francisco, and approximately 1.7 million square feet of office properties and two hotels in Oakland.
The seller, the Booth family, was represented by The CAC Group.
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. Headquartered in Los Angeles, CIM maintains regional offices in the Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com.