LOS ANGELES — CIM Group has purchased a seven-property portfolio that includes Two California Plazain Downtown Los Angeles and the Montclair Plaza shopping mall in Montclair, Calif., for a reported $170 million.
The portfolio also includes the Class A Stadium Towers Plaza in Orange County, Calif.; the 126-room Comfort Suites-San Diego/Mission Valley in San Diego; the 262-room DoubleTree by Hilton Hotel-Bakersfieldin Bakersfield, Calif.; the 125,000-square-foot Montvale Center office building in Gaithersburg, Md.; and a non-performing loan secured by a 440,000-square-foot office campus at 270 Technology Park in Frederick, Md.
The portfolio’s marquee asset is Two California Plaza, a 52-story, Class A office building in Downtown Los Angeles’ Bunker Hill neighborhood. It contains 1.28 million square feet of office space and 44,000 square feet of retail space. It is part of a two-tower office complex that shares a retail and restaurant pavilion featuring a 1.5-acre water court and performance plaza.
The other top asset in this portfolio is Montclair Plaza, a two-story enclosed regional shopping mall about 30 miles east of Los Angeles. The acquisition included 868,000 square feet of the 1.3 million-square-foot mall. Notable anchors include Macy’s, Nordstrom, Sears, JC Penney and Target.
This portfolio was acquired as part of another, larger portfolio sale that included real estate-owned and non-performing loan assets throughout the U.S. It was acquired by CIM from special servicer CWCapital Asset Management, LLC.