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CIM Group's Calif. portfolio could fetch over $1B

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CIM Group's Calif. portfolio could fetch over $1B

Real estate owner and operator CIM Group LP is looking to sell a portfolio of five office buildings and a development site in Oakland, Calif., totaling 1.73 million square feet, the San Francisco Business Times reported.

The portfolio is expected to sell for more than $1 billion.

The buildings up for sale are the 28-story, 530,000-square-foot 1 Kaiser Plaza tower in the Lake Merritt district; the 10-story, 238,000-square-foot 1333 Broadway building in the City Center district; the 272,000-square-foot 1901 Harrison St. tower in the Lake Merritt district; and the two-building Center 21 complex near Lake Merritt that comprises the 217,000-square-foot 2100 Franklin St. and the adjacent 473,000-square-foot, 20-story 2101 Webster St.

A 695-space parking garage at 2353 Webster St., located two blocks north of Center 21, is also included in the portfolio.

The five buildings were acquired from Brandywine Realty Trust in 2008 for $412.5 million.