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CIM Group to buy Calif. asset for $130M

CIM Group LP is under contract to buy the Union Bank of California building at 9460 Wilshire Blvd. in Beverly Hills, Calif., for about $130 million, or $1,340 per square foot, The Real Deal reported, citing unnamed sources.

The deal for the six-story, 97,000-square-foot building is expected to close in January 2018. The seller, Beverly Union Co., has owned the property since 1978, according to the Dec. 26 report.

The property, which has just under 25,000 square feet of retail space at its base, is 91% occupied by tenants including Union Bank, 3 Arts Entertainment and Universal Properties, the report added, citing CoStar Group data.

There were reportedly more than 30 contenders for the property, which hit the market in October.