Construction of 16-story, 288-unit building set to begin
(EDITOR’S NOTE: According to representatives from the City of Oakland, the purchase price on the site was $3.35 million with an additional $1.8 million for an affordable housing fee. The construction budget on the development is projected to be $89 million.)
CIM Group announced today that it has acquired a development parcel located at 1100 Clay Street from the City of Oakland, and will fulfill the city’s vision for the site to be developed into a prime residential property with community benefits. The site is fully-entitled for a 16-story, 288-unit apartment building, with an adjoining publicly accessible pedestrian plaza. CIM acquired the site with its joint venture partner, Strada Investment Group.
CIM and Strada bring a depth of experience in developing and operating residential and mixed-use commercial real estate to the project, and will commence construction immediately. The development of 1100 Clay is considered an integral piece of the evolving downtown fabric that will enhance the neighborhood with the introduction of new residences. Additionally, with approximately 4,000 square feet of street level retail and the adjacent landscaped plaza fronting 12th Street as a part of the project, the development provides pedestrian connectivity, which will create a more vibrant street-level experience.
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 is walkable to downtown Oakland’s many office properties.
The apartments at 1100 Clay will offer modern residences ranging from studio to three-bedroom floorplans, fitted with contemporary finishes and fixtures and large windows for abundant light and to capture city views. Residents will benefit from an array of building amenities such as co-working and meeting spaces, fitness center, bike storage, lounge, and public plaza including integrated retail and restaurant-ready space. A highlight of the building will be a spacious outdoor rooftop deck, providing residents with a lounge and entertainment area with views across the Bay. The building is anticipated to be complete 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.
About CIM Group
Established in 1994, CIM is a vertically-integrated owner and operator of real assets for its own account, and on behalf of its partners and co-investors seeking to invest in urban real assets, net-lease assets, and other associated credit strategies, with a principal focus on North America. CIM’s real assets include urban residential, commercial, retail, hospitality, debt, and infrastructure investments as well as U.S.-based retail and industrial net-lease. CIM’s broad expertise includes in-house research, acquisition, investment, credit analysis, development, finance, leasing and asset management capabilities. For more information, please visit www.cimgroup.com.
About Strada Investment Group
Headquartered in San Francisco, Strada is a vertically integrated real estate investment company with a proven track record in acquisition, development, and advisory services. The firm was founded in 2010 by principals Jesse Blout, Michael Cohen and Scott Stafford, with a unique mix of public and private sector real estate experience. Supported by a team of real estate professionals with expertise in research, acquisitions, asset management, and construction and development; Strada has managed more than $1 billion of real estate assets with top-tier institutional capital partners, and currently has more than 2 million square feet in the development pipeline.