CalPERS and CalSTRS Are Lead Investors in CIM Group's New Investment Fund Dedicated to California Urban Projects.Business Editors LOS ANGELES--(BUSINESS WIRE)--April 24, 2001 First closings for a projected $400 million fund that will provide equity to finance $1 billion in properties CIM (1) (Computer-Integrated Manufacturing) Integrating office/accounting functions with automated factory systems. Point of sale, billing, machine tool scheduling and supply ordering are part of CIM. Group, a full service real estate investment and management firm, today announced the first closings of approximately $180 million in commitments for its California Urban Real Estate Fund. The California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS), two of the nation's largest pension funds, committed $125 million and $45 million, respectively. The fund is targeted to accept a total of $400 million in commitments by its final closing, slated for July 1, 2001. "This is a great vote of confidence in our firm by two of the nation's most respected institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. ," said Avi Shemesh, principal and co-founder of CIM Group. He noted that the fund is dedicated to high return/lower-relative-risk investments in California's underserved urban areas. "People want to live, work, shop and be entertained by vibrant, pedestrian-oriented venues," emphasized Shemesh, noting that CIM's California Urban Real Estate Fund portfolio will be a mix of housing, office, entertainment, parking and retail projects. These will include renovations and repositionings of older properties as well as new developments. The firm has assembled a sizeable pipeline of urban projects throughout California for the fund, and it continues to seek out new acquisition and joint venture opportunities that meet its investment criteria, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Shemesh. "We have an experienced team that understands the urban environment; a proven strategy; strong relationships with cities, redevelopment agencies, and brokers; and we have the financial resources in place to take advantage of time-sensitive investment opportunities," Shemesh added. "CIM has an impressive resume of transactions. The firm's work with local community redevelopment agencies and city developers will help source good urban investments for the benefit of our investment portfolio. We look forward to this relationship," said William D. Crist, president of CalPERS' Board of Administration. Michael Flaherman, chair of CalPERS' Investment Committee added, "CIM reflects our commitment to find strong redevelopment investments in California's urban areas that have the potential to reap financial gains and strengthen communities." Christopher Ailman, CalSTRS' chief investment officer, stated that CalSTRS "is very interested in urban investments in California and the west coast. CalSTRS' commitment to this fund is based on a number of factors, including CIM's experience and track record with urban developments. We expect that CIM and our other urban investments will benefit from the national trend back toward urban living." A leader in California's urban renaissance Urban renaissance is a term used to describe the recent period of repopulation and regeneration of many British cities, including, Bristol, Cardiff, Glasgow, Leeds, Manchester, and parts of London after a period of suburbanisation during the mid-20th century. , CIM Group and its partners had committed more than $225 million to urban mixed-use projects prior to raising the fund and have been a major contributor to the success of such popular street retail destinations as Third Street Promenade The Third Street Promenade is a pedestrian street in Santa Monica, California, United States. It is considered one of the premier shopping destinations in West Los Angeles and frequently draws crowds from all over Los Angeles County. in Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Old Pasadena and the Gaslamp Quarter in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . The company created a new, two-block pedestrian downtown for Brea, in northern Orange County, that is drawing visitors from throughout the county to enjoy its open plazas, popular shops and sidewalk A Microsoft service that was launched in 1997 to provide online arts and entertainment guides on the Web for major cities worldwide. In 1999, Microsoft sold Sidewalk to Ticketmaster, which continued to provide guides, ticketing and other information to the MSN network. cafes, making it a lively town center. CIM Group has renovated a number of National Register historic properties, including the Colfair Building in Pasadena, and it will soon begin the redevelopment of the historic US Grant and Walker Scott buildings in San Diego as well as a historic building in downtown San Jose Downtown San Jose is the central business district of San Jose, California, United States. The area is generally located north of Interstate 280 and east of Guadalupe Parkway, which roughly parallels Guadalupe River. . CIM Group is also a major investor along Hollywood Boulevard For uses other than the original street, see Hollywood Boulevard (disambiguation). Hollywood Boulevard is a boulevard in Hollywood, Los Angeles, California, United States, beginning at Sunset Boulevard in the east and running northwest to Vermont Avenue, where it straightens out , where it is developing or redeveloping five properties with more than 1.2 million square feet of office, restaurant, parking, entertainment, and retail space. "Local governments and redevelopment agencies are keenly aware that revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. of their main streets can create a terrific economic engine," Shemesh concluded. |
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