CIM Real Assets & Credit Fund Acquires District La Brea, a Collection of Influential Street Retail and Commercial Buildings in Prominent Los Angeles Location
LOS ANGELES – December 13, 2024 – CIM Group announced today that it has acquired District La Brea, a collection of adjacent buildings offering high visibility retail storefronts and commercial space along La Brea Avenue in Los Angeles.
The District La Brea acquisition, made through CIM Real Assets & Credit Fund, includes approximately 82,210 square feet of commercial space and 171 parking stalls, including a three-story parking structure.
District La Brea offers a mix of innovative retail including fashion, eateries and home design, and is an integral part of a neighborhood known as a top location for artists, creatives and influential streetwear and fashion brands. Among the shops and restaurants at District La Brea are Arc' Teryx, Stone Island, Undefeated, Market, Garrett Leight, Schott NYC, Sycamore Kitchen, Burrow, Interior Define, AETHER Apparel and SUGARFISH by Sushi Nozawa.
Located on La Brea Avenue between 1st and 2nd Streets, the one-, two-, and three-story buildings were organized and rebranded as District La Brea beginning in 2013 with further development completed in 2017. The buildings are each architecturally distinct with storefronts articulated in a variety of styles including rustic red brick, ornate gold scrollwork, and sleek modern glass and stone.
La Brea Avenue is a major north-south thoroughfare that traverses numerous Los Angeles business and residential hubs including the Fairfax District, Melrose, Sycamore District, Hollywood, West Hollywood, the Miracle Mile and Mid-City. CIM Group brings its significant experience in developing, owning and operating a mix of commercial real estate in all of these markets, as well as along La Brea Avenue, to its ownership and management of District La Brea.
District La Brea is surrounded by neighborhoods that offer substantial residential communities with high population density, including Hancock Park and West Hollywood, as well as a host of nearby studio production facilities.
For 30 years, CIM Group has applied its community-focused investing approach by utilizing its broad expertise in owning, developing, repositioning, and operating real estate assets to enhance communities throughout the Americas.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM's diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
Important Disclosure
This is neither an offer to sell nor a solicitation to purchase any security. Investors should consider the investment objectives, risks, charges and expenses of the CIM Real Assets & Credit Fund (the "Fund") carefully before investing. This and other information are contained in the Fund's prospectus, which may be obtained by contacting your financial professional or visiting http://www.cimgroup.com. Please read the prospectus carefully before you invest. All investing includes risk including the loss of principal. Interval funds are generally suitable only for investors who can bear the risks associated with the limited liquidity of the fund and should be viewed as a long-term investment. There can be no assurance that any fund will meet its objectives.
About CIM Real Assets & Credit Fund
The Fund is non-diversified, closed-end management investment company, registered under the Investment Company Act of 1940 that continuously offer sits common shares and is operated as an "interval fund." The Fund invests across real assets and corporate credit, providing an opportunity to invest alongside CIM Group's income-oriented strategies. The Fund's investment objective is to generate current income through cash distributions and preserve and protect share holders' capital across various market cycles, with a secondary objective of capital appreciation. The Fund is advised by CIM CapitalIC Management, LLC and sub-advised by CIM Capital SA Management, LLC and OFS Capital Management, LLC, each of which are investment advisers registered under the Investment Advisers Act, as amended, and affiliates of CIM Group, LLC. For additional information, please visit https://www.cimgroup.com/public-investment-programs/current-public-programs/racr.
RACR Distributed by Northern Lights Distributors, LLC
CCO Capital, LLC, Member FINRA/SIPC, is the exclusive wholesale marketing agent for CIM Rea l Assets & Credit Fund. Northern Lights Distributors, LLC (4221 North 203rd Street, Suite 100, Elkhorn, NE 68022, Member FINRA) is the distributor of CIM Real Assets & Credit Fund. CCO Capital and Northern Lights Distributors, LLC are not affiliated
Forward-Looking Statements
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including statements relating management's belief that the Fund will benefit from CIM Group's combined real assets, credit and transaction experience and deal-sourcing capabilities; the composition of the Fund's portfolio of real assets and corporate credit assets and the potential benefits to investors, which may not be realized; opportunities for individuals to invest alongside institutional partners, and whether those opportunities will align the interests among sponsors, partners and shareholders; and other factors may constitute forward-looking statements for purposes of the safe harbor protection under applicable securities laws. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, including those risks, uncertainties and actors referred to in the Fund's prospectus filed with the Securities and Exchange Commission (the "SEC") on January 26, 2024, under the "Risks" section as well as other documents that may be filed by the Fund from time to time with the SEC. As a result of such risks, uncertainties and factors, actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. The Fund is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.