CIM Group buys Mission Bay site approved for 350 condos



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CIM Group has purchased Block 1, a two-acre site in San Francisco’s Mission Bay approved for 350 condos. The site also includes retail and another firm is developing an entitled 250-room hotel.





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Emily Fancher
Senior Editor- San Francisco Business Times

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CIM Group is buying a two-acre Mission Bay parcel at 1000 Channel St., a residential play for a company known for its Bay Area office investments.

The site, known as Block 1, is approved for 350 condo units in two towers as well as 14,000 square feet of retail space and parking. The site was previously owned by Strada Investment Group in a joint venture with Blackrock.

Strada will continue on the project as CIM’s local development manager.

A portion of the site entitled for a 250-room hotel was bought earlier this year by SOMA Hotels, which told Socketsite it would break ground on the hotel in the fourth quarter of 2015.

CIM declined to comment on the deal, including when it might break ground on the condos or how much it paid.

The site, which is now a surface parking lot, sits along Mission Creek with “650 feet of frontage along the waterfront,” according to a release. The site is close ATT Park, Caltrain, the future Central subway line and the soon-to-open UCSF Medical Center at Mission Bay.

Los Angeles-based CIM jumped into Bay Area real estate in 2001, and said the Mission Bay purchase “is its sixth acquisition in San Francisco.”

Other CIM Group investments in San Francisco include 330 Townsend St., a creative office building that CIM may demolish and replace with a 21-story tower that would consist of 383,000 square feet of retail and office with a two-story galleria or a 26-story tower with 153,064 of office, 204,000 square feet of residential and 4,368 square feet of retail.

In San Francisco, CIM Group also owns 260 Townsend St., 211 Main St., 246 First St. and Central Tower, a two-building office and retail complex located at 703 Market St. and 26 Third St. The company also owns office tower 2101 Webster St. in Oakland, where architecture firm Gensler recently rented space.

Emily Fancher is a senior editor at the San Francisco Business Times.



Article source: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2014/11/cim-group-strada-mission-bay-condos.html

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