LOS ANGELES — (BUSINESS WIRE) — CIM Group announced today that it has acquired District La Brea, a collection of adjacent buildings offering high visibility retail storefronts and commercial space along La Brea Avenue in Los Angeles.
The District La Brea acquisition, made through CIM Real Assets & Credit Fund, includes approximately 82,210 square feet of commercial space and 171 parking stalls, including a three-story parking structure.
District La Brea offers a mix of innovative retail including fashion, eateries and home design, and is an integral part of a neighborhood known as a top location for artists, creatives and influential streetwear and fashion brands. Among the shops and restaurants at District La Brea are Arc’Teryx, Stone Island, Undefeated, Market, Garrett Leight, Schott NYC, Sycamore Kitchen, Burrow, Interior Define, AETHER Apparel and SUGARFISH by Sushi Nozawa.
Located on La Brea Avenue between 1st and 2nd Streets, the one-, two-, and three-story buildings were organized and rebranded as District La Brea beginning in 2013 with further development completed in 2017. The buildings are each architecturally distinct with storefronts articulated in a variety of styles including rustic red brick, ornate gold scrollwork, and sleek modern glass and stone.
La Brea Avenue is a major north-south thoroughfare that traverses numerous Los Angeles business and residential hubs including the Fairfax District, Melrose, Sycamore District, Hollywood, West Hollywood, the Miracle Mile and Mid-City. CIM Group brings its significant experience in developing, owning and operating a mix of commercial real estate in all of these markets, as well as along La Brea Avenue, to its ownership and management of District La Brea.
District La Brea is surrounded by neighborhoods that offer substantial residential communities with high population density, including Hancock Park and West Hollywood, as well as a host of nearby studio production facilities.
For 30 years, CIM Group has applied its community-focused investing approach by utilizing its broad expertise in owning, developing, repositioning, and operating real estate assets to enhance communities throughout the Americas.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
About CIM Real Assets & Credit Fund
The Fund is non-diversified, closed-end management investment company, registered under the Investment Company Act of 1940 that continuously offers its common shares and is operated as an “interval fund.” The Fund invests across real assets and corporate credit, providing an opportunity to invest alongside CIM Group’s income-oriented strategies. The Fund’s investment objective is to generate current income through cash distributions and preserve and protect shareholders’ capital across various market cycles, with a secondary objective of capital appreciation. The Fund is advised by CIM Capital IC Management, LLC and sub-advised by CIM Capital SA Management, LLC and OFS Capital Management, LLC, each of which are investment advisers registered under the Investment Advisers Act, as amended, and affiliates of CIM Group, LLC. For additional information, please visit https://www.cimgroup.com/public-investment-programs/current-public-programs/racr.
RACR Distributed by Northern Lights Distributors, LLC
CCO Capital, LLC, Member FINRA/SIPC, is the exclusive wholesale marketing agent for CIM Real Assets & Credit Fund. Northern Lights Distributors, LLC (4221 North 203rd Street, Suite 100, Elkhorn, NE 68022, Member FINRA) is the distributor of CIM Real Assets & Credit Fund. CCO Capital and Northern Lights Distributors, LLC are not affiliated
