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Friday, Jul 1, 2022

CIM Buys 117-Unit Inglewood Apartment Building

CIM Group, a developer based in Mid-Wilshire, has acquired a newly built apartment building in Inglewood for $52.2 million.
The 117-unit property at 417 Centinela Ave. was purchased using the company’s CIM Real Assets & Credit Fund.

Dubbed Sora, the building has one- and two-bedroom units. Amenities at the property include a swimming pool, fitness center, coworking space and lounge.
The acquisition comes after a busy end to 2021 for CIM Group.

In November, the company announced it sold a portfolio of four data centers to a joint venture between Harrison Street Real Estate Capital and Fifteenfortyseven Critical Systems Realty for an undisclosed sum.
The data centers, which have a combined 560,000 square feet of space, are located in Illinois, Wyoming and New York.

“Under CIM Group’s ownership, this portfolio has become stabilized and has substantially increased in value,” Avi Shemesh, co-founder and principal of CIM Group, said in a statement at the time. “These assets benefited from CIM’s sourcing, in-house operational expertise, and the team’s focused management and ability to assess and implement property modifications and additions.”

In October, the company announced it signed a long-term lease for the entirety of the 161,108-square-foot Lot @ Formosa in West Hollywood with HBO and HBO Max, which are owned by WarnerMedia.

That same month, CIM Group announced it purchased Cathedral Square, a three-building office campus about 30 minutes outside of London. It was the company’s first transaction in Western Europe.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans covers real estate for the Los Angeles Business Journal. A USC grad, Madans has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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