SACRAMENTO, Ca.—January 5, 2010—Los Angeles-based CIM Group has acquired 980 9th Street a high-profile downtown Sacramento office plaza comprised of a 430,000-square-foot, 25-story office tower-as well as an adjacent 801-space parking structure and a nearby 358-space parking annex with 12,000-square-feet of retail. Located in the "J" Street corridor, across the street from CIM Group's 800 J Lofts and two blocks from its 1000 K Street mixed-use development, the 980 9th Street office tower and garage and the parking annex at 1010 8th Street were developed as part of the Sacramento Public Library redevelopment block.
980 9th Street connects on the north to the Galleria Arcade retail and restaurant complex and to the Sacramento Public Library. The office tower is one of downtown Sacramento's most notable buildings-with its Art Deco-inspired design, tiered setbacks, granite columns, limestone walls, and dramatic lighting. The soaring three-story atrium lobby is a bright and elegant entrance appointed with original murals and sculptures.
With ample, convenient parking, large floor plates ranging from 15,000 to 28,000 square feet, and street-level retail and restaurants, the property is a premier Class A office location with diverse tenants including State Street Bank, the California Department of Managed Healthcare, the California Business Transportation and Housing Agency, the California Travel and Tourism Commission, and Golden Pacific Bancorp.
CIM Group has identified downtown Sacramento for investment as it meets the qualification requirements of the firm's urban investment model, which focuses on urban districts positioned for economic expansion with solid infrastructure and transportation networks. In addition to the aforementioned CIM Group properties—the 800 J Street Lofts apartments and 1000 K Street mixed-use development - it also owns the Sheraton Grand Hotel.
The seller, TIAA-CREF, was represented by George Eckard and Grant Lammersen of Cushman & Wakefield.
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.