Los Angeles — CIM Group has acquired a seven-asset portfolio that includes: Two California Plaza, a 52-story, Class A office building in Downtown Los Angeles; Montclair Plaza, a two-story enclosed regional shopping mall in Montclair, Calif.; Stadium Towers Plaza, a 12-story, Class A office tower in Orange County, California; Montvale Center, an approximately 125,000-square-foot office building in Gaithersburg, Md; Comfort Suites-San Diego/Mission Valley, a 126-room hotel in San Diego; DoubleTree by Hilton Hotel-Bakersfield, a 262-room hotel in Bakersfield, Calif.; and a non-performing loan secured by 270 Technology Park, an approximately 440,000-square-foot office campus in Frederick, Md.
Two California Plaza, the marquee asset in this seven-asset portfolio acquisition, is located in the downtown submarket of Bunker Hill with approximately 1.28 million net rentable square feet of office space and 44,000 square feet of retail space. This building, which recently received LEED Platinum certification, is part of a two-tower office complex that shares a retail and restaurant pavilion including a 1.5-acre water court and performance plaza. Two California Plaza is also near popular destinations such as the Music Center with the Walt Disney Concert Hall, the Cathedral of Our Lady of the Angels, the Museum of Contemporary Art, and Los Angeles Central Library, and in close proximity to significant developments intended to transform downtown Los Angeles including new cultural, residential, entertainment and transportation infrastructure projects.
Another significant asset in the acquisition, Montclair Plaza, formerly owned by GGP, is set on approximately 72 acres, and is an established retail center hosting several national retailers and restaurants in addition to anchors including Macy's, Nordstrom, Sears, JC Penney, and Target. CIM acquired 868,000 square feet of the 1.3-million-square-foot mall. Montclair Plaza is in the heart of downtown Montclair, which is being re-shaped under the city's plan that includes new residences and pedestrian corridors to create an urban, walkable district.
CIM acquired this seven-asset portfolio as part of the sale of a larger portfolio of real estate-owned and non-performing loan assets spread across the United States from special servicer CWCapital Asset Management, LLC. CIM's portfolio consists of income-generating properties mainly in communities in which CIM has been active for several years.