Santa Monica Developer Sells Sites

Santa Monica-based developer Commercial Investment Management Group has sold 10 prime properties, including five sites on the Third Street Promenade, to a partnership between it and a subsidiary of a Maryland company with a large portfolio of shopping centers. The partnership, Street Retail West, has been capitalized with $17.6 million in cash from Maryland-based Federal Realty Investment Trust’s subsidiary, $2 million in cash from CIM Group and the assumption of $8.4 in debt. The partnership is expected to invest an additional $5 million this year in redeveloping the properties, which include a vacant building in Old Town Pasadena and four buildings in the Gaslamp Quarter of San Diego. CIM Group will also work with Street Retail West to acquire and redevelop additional “main street” properties in California, Oregon and Washington.