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Done Deal: CIM Group Closes on Camelback Corridor Towers
Four office towers and $353 million later and … CIM Group has a new deal. Finalized. (This is a follow-up story.)
The towers cover four distinct properties, located at 2425, 2525, 2575, 2555, and E. Camelback Road in Phoenix’s Camelback Corridor submarket.
The Class A structures are 10- and 11-stories worth of 60,000 square feet of retail. They also have three levels of underground parking, replete with 3,683 spaces.
The Esplanade, in the Camelback/Biltmore corridor, is located at the intersection of Camelback Road and 24th Street adjacent to SR-51 highway and within a 10-minute drive to downtown Phoenix, downtown Scottsdale, and Phoenix Sky Harbor International Airport.
CIM Group is a national operation, having recently closed CIM a $343.8 million loan for the acquisition of a 55-story office tower in Atlanta.
Diversely focused, CIM Group does seem to seek to provide senior and subordinate transitional bridge loans for commercial real estate projects with strong sponsors.
- ◦Sale/Acquisition
- ◦Financing
