Downtown Oakland sold for $412.5 Million
Tough times can occasionally mean good deals for some, and a large commercial property investment group has decided to take control of almost 2 million sq feet of downtown Oakland office & commercial space . While the deal does not actually include all of Oakland, the CIM Group has closed a deal buying the city’s tallest office building at 1 Kaiser Plaza as well as several other marquee commercial properties. Amongst the buildings acquired were 1333 Broadway which is a ten story structure that encompasses the entrance to 12th St City Center BART Station. With these purchases CIM Group now surpasses Walter Shorenstein’s legacy real estate company which owns approx 1.5 million square feet in the downtown Oakland market.
The LA based CIM group initially took a giant toehold when it bought Oakland’s largest downtown hotel the 20 story City Center Marriott and it’s sister property The Courtyard in 2007. CIM Group in an effort to drink it’s own kool-aid, will move it’s Bay Area HQ from SF to Oakland in 2009, and run it’s operations which specialize in urban properties, including revitalized icons like Grauman’s Chinese Theater and the adjacent Hollywood & Highland complex.