LOS ANGELES—April 9, 2012—CIM Group announced today the acquisition of Block 37, a five-story retail center located on the State Street retail corridor in Chicago’s Central Loop.
It is located directly across the street from Macy’s State Street, the second largest department store in the nation. It is also in the heart of Chicago’s State Street retail corridor, which boasts a significant concentration of National Historic Landmark, National Register of Historic Places and Chicago Landmark designated buildings and attracts millions of local customers and tourists every year.
The 275,000-square-foot retail center is occupied by premier retail tenants such as Anthropologie, Sephora, Disney, Eileen Fisher, Zara, Magnolia Bakery, and Puma. With the retail center at approximately 30 percent leased, CIM plans to lease the balance of the building to national and local retailers.
For nearly two decades, CIM has repositioned, developed, and redeveloped retail, office and residential properties in dynamic urban communities. The company has extensive experience in transformational retail districts including the Third Street Promenade in Santa Monica, Downtown Los Angeles, and Hollywood, including the successful repositioning of the prominent Hollywood & Highland Center®.
About CIM Group
CIM Group is a premier real estate fund manager that makes private equity and/or debt investments in urban communities throughout North America, utilizing its full array of investment and operational expertise to maximize returns while mitigating risks. With offices in Los Angeles, Bay Area, Bethesda and New York, CIM has three distinct portfolios each diversified by geography and type of property. They include: Opportunistic or repositioning and development projects in established and emerging urban areas; Stabilized/Core or well-positioned operating properties in transitional districts; and Infrastructure or properties serving the public interest. Once involved in a qualified community, CIM seeks to routinely make additional investments in order to support the growth of the community and enhance the value of its previous investments. For more information, please visit www.cimgroup.com.