SAN FRANCISCO – November 13, 2014 - CIM Group announced today the acquisition of a two-acre parcel located at 1000 Channel Street between 3rd and 4th Streets in the Mission Bay district of San Francisco. The site is fully entitled under the Mission Bay South Development Plan for 350 residential condominium units in two towers, approximately 14,000 square feet of retail space, and parking.
Currently utilized as a surface parking lot, the site is situated along Mission Creek with close to 650 feet of frontage along the waterfront. It is conveniently situated within walking distance to the King Street Caltrain Station and a Muni Metro line. The Central subway line, to be completed in 2018, will run adjacent to the site and will connect it to Union Square and Chinatown, where additional transportation options are available.
The Mission Bay district is a transformational area with direct access to amenities such as the San Francisco Giants AT&T Stadium and the planned Golden State Warriors arena project. Mission Bay is headquarters to several major technology companies, and the University of California San Francisco’s $1.5 billion, 289-bed UCSF Medical Center at Mission Bay.
CIM has been involved in the Greater Bay Area since 2001, when it identified communities located in the Area as possessing the attributes that fit its investment model, a proven methodology that focuses on established and emerging urban areas with solid infrastructure and transportation networks. This acquisition continues the firm’s investment program in the Greater Bay Area, and is its sixth acquisition in San Francisco.
Other CIM investments in the SoMa/Mission Bay area include 330 Townsend, a creative office building located a block from its 260 Townsend Class A office building. In the neighboring South Financial District, CIM owns 211 Main Street, a Class A office building, 246 1st Street, a five-story office building, and Central Tower, a two-building office and retail complex located at 703 Market Street and 26 Third Street. CIM Group’s commercial investments in the Bay Area include approximately 2.8 million square feet of Class A office properties and two hotels.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic 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 and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com