CIM Expands Chicago Portfolio With 2 Acquisitions
- May 18, 2017
By Roxana Baiceanu
CIM Group has just added two newly constructed, mixed-use buildings to its growing portfolio in the Windy City. The properties, both of them located in Wicker Park and along N. Milwaukee Avenue, feature a total of 96 apartment units, of which six are affordable; 23,000 square feet of retail space and 17,400 square feet of office space. CIM purchased the assets for $58 million from LG Development, according to Crain’s Chicago.
The first property, located at 1237 N. Milwaukee Ave., offers a mix of residential and street-level retail space and just received a Certificate of Occupancy. A Chicago Transit Authority ‘L’ stop is located right across the building, offering its residents a short commute to Downtown, Fulton Market and the West Loop.
The second property was built last year at 1643 N. Milwaukee Ave. and features residential, retail and creative office spaces. The nearest ‘L’ stop is two blocks away.
CIM Group’s Chicago portfolio currently counts more than 3.4 million of real estate properties, including Block 37, the Tribune Tower, Marquee at Block 37, and 440 S. La Salle St.
Renderings courtesy of CIM Group