CIM Group is the new owner and manager of Block 37, a property that fits the firm's model of investment in urban centers. Chicago  — CIM Group has purchased Block 37, a five story retail center on the State Street retail corridor in Chicago's Central Loop. The development's namesake comes from being one of the original 58 city blocks established in 1820, bordered by State, Randolph, Dearborn and Washington streets.

The Los Angeles-based investment firm acquired the 30-percent-leased center at the iconic address from Bank of America Corp., which foreclosed on the property after developer Joseph Freed & Associates defaulted on an approximately $206 million debt, according to Chicago media reports.

The 275,000-square-foot retail center is leased to tenants including Anthropologie, Sephora, Disney, Eileen Fisher, Zara, Magnolia Bakery and Puma.

CIM, which specializes in investments in urban communities, will handle property management and oversee leasing. The firm says it plans to lease the balance of the building to national and local retailers.