CIM Group to develop residential property in Oakland, Calif.

CIM Group, a vertically integrated owner and operator of real assets, has acquired a development parcel located at 1100 Clay Street from the City of Oakland and plans to develop a prime residential property with community benefits.

The 16-story, 288-unit apartment building will have an adjoining publicly accessible pedestrian plaza. CIM acquired the site with its joint venture partner, Strada Investment Group.

1100 Clay is immediately adjacent to the 12th Street BART Station and the City Center parking garage and is also convenient to the area’s major regional transportation corridors, including I-80, I-580 and I-880 connecting to San Francisco and Berkeley.

It’s anticipated the building will be completed within two years.

CIM is an active owner and operator in Oakland and the greater Bay Area. The company owns properties located on 12 acres of the nearby Jack London Square, a Bay front mixed-use business and entertainment destination.

In 2007, CIM acquired its first Oakland property, and in 2008, it acquired a 1.7 million-square-foot portfolio of class A office properties in the Lake Merritt and City Center districts. Most recently, the firm acquired Uptown Station, a redevelopment of a former department store to a 355,000-square-foot office building, with significant ground-floor retail located in the Uptown district of downtown Oakland. Currently, CIM’s Oakland portfolio is comprised of approximately 3 million square feet that includes a variety of class A commercial properties.