CIM Real Assets & Credit Fund Acquires Prominent Retail, Commercial Space in L.A.
CIM Real Assets & Credit Fund – a continuously offered closed-end interval fund sponsored by CIM Group – has acquired District La Brea, a collection of retail buildings and commercial space located along La Brea Avenue in Los Angeles. The purchase price was not disclosed.
District La Brea, which includes more than 82,000 square feet of commercial space and a three-story parking structure, offers a mix of 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, 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.
In December 2023, CIM Real Assets & Credit Fund agreed to a reduction in its incentive fee from 20% to 15%. According to the company, the fund aims to “generate income and appreciation with lower correlation to other income alternatives.” The fund has a long-term target allocation of 70% credit (both real estate and corporate credit) and 30% direct private real assets and deploys capital based on market opportunity.
With management of real assets from due diligence to operations through disposition, CIM Group said it seeks to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of real estate and infrastructure projects.
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