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CIM Pays +$1,000 PSF for Palo Alto Office Building

Los Angeles Firm Adds 490 California Ave. to NorCal Portfolio
January 5, 2018
Los Angeles, CA-based CIM Group expanded its holdings in Northern California with the purchase of 490 California Ave., a 23,868-square-foot, four-story office building located next to Stanford University in Palo Alto, CA.

CIM paid $33.25 million or about $1,393 per square foot, to acquire the multi-tenant property from asset manager Clarion, which sold the property on behalf of the Illinois State Board of Investment (ISBI). CIM paid all cash for this property.

This deal comes on the heels of another CIM acquisition in nearby Oakland. On December 19, CIM acquired the Uber building in downtown Oakland for $180 million - a deal that registered as the largest East Bay office sale of 2017.

ISBI acquired the property in July of 2015 for $27.75 million, reflecting a 19.82% increase in the value of the property.

ISBI was required to pay $320,021.26 in property taxes in 2017. These taxes were derived from the property's assessed value, which is determined by the Santa Clara county assessor's office. The most recent assessed value for this property was $28,305,000

For more information on this transaction, please refer to CoStar COMP #4099513.
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