SAN FRANCISCO--(EON: Enhanced Online News)--CIM Group today announced that it continues to expand its San Francisco investment portfolio with the acquisition of the 55 Hawthorne Street, an approximately 143,000-square-foot office building in the highly-desirable South Financial District in late December. Today’s announcement follows on the heels of CIM’s announcement of its acquisition of 340 Townsend Street in SoMa.
“This stabilized-asset is well-located in a strong San Francisco office market. The area is one which CIM has identified for continued investment”
55 Hawthorne, originally constructed in 1970, is an 11-story, Class A office building, comprised of eight stories of unobstructed, open creative office space and a 275-stall five-level parking garage, with two levels below grade. Yelp is a major tenant in more than 100,000-square-feet. The sellers, Harvest Properties and Invesco Real Estate made improvements to the property after their acquisition in 2014.
“This stabilized-asset is well-located in a strong San Francisco office market. The area is one which CIM has identified for continued investment,” said Shaul Kuba, Co-Founder and Principal of CIM Group.
The building is conveniently located near various forms of public transportation, a few blocks from the BART, MUNI and Transbay Transit Center (scheduled to be completed in fall 2017). It also has easy access to the I-80, which connects to the East Bay as well as Highway 101, which connects to the Peninsula and Silicon Valley. 55 Hawthorne is also within walking distance to vibrant local amenities, including the newly renovated SF MOMA.
In addition to 55 Hawthorne, CIM owns eight other office buildings in San Francisco’s SoMa and the South Financial District, and the One Mission Bay luxury condominium development in Mission Bay currently under construction with a 2017 occupancy.
CIM has been involved in the Greater Bay Area since 2001, when it identified the community as possessing the attributes that fit its investment criteria that focuses on established and emerging urban areas with solid infrastructure and transportation networks. This acquisition continues the firm’s investment program in the area. CIM Group has 4.4 million square feet of investments in a variety of commercial properties in the Bay Area.
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 five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com.