CIM Group Affiliate Buys Baltimore-Area Office Building
- Feb 07, 2020
CCIT II—a CIM Group-managed non-listed REIT—has spent $39.1 million on a 134,455-square-foot office building in Hunt Valley, Md. According to Yardi Matrix data, the sale marks the first time the asset changed hands since 2017, when Greenfield Partners developed the property.
The acquisition is the fourth for the buyer since last December, adding 653,455 square feet of single-tenant net-leased assets to the company’s portfolio.
Located at 40 Wight Ave., the asset is within walking distance of retail and dining options, as well as three light rail stops. Additionally, the property is less than 2 miles from Interstate 83 and roughly 18 miles north of downtown Baltimore. The five-story, LEED Gold-certified building occupies some 7.4 acres and houses the corporate headquarters of a regional engineering and design firm.
At the end of the year, CIM Group welcomed Andersen at its 1.3 million-square-foot CityNational2Cal tower in Los Angeles. The independent tax firm will relocate its office from 400 S. Hope St.