CIM Sells Market Lofts Retail

(Save the dates:  RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)

LOS ANGELES-CIM Group has sold the Market Lofts Retail, an approximately 55,000-square-foot property located Downtown at 645 W. 9^th St., to MDC Realty Advisors USA Inc. The ground-floor retail portion of the development known as Market Lofts sold for $18.95 million, according to Hanley Investment Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, which represented both the buyer and the seller in the transaction. The mixed-use retail development was built in 2007 and is anchored by a 50,000-square-foot Ralphs Fresh Fare supermarket and six other retail stores: Coffee Bean & Tea Leaf, Quiznos, Robeks, Simply Salad, Supercuts and the UPS Store. In other HIG news, William B. Asher and Edward B. Hanley represented the buyer and seller in the sale of Bernardo Heights Plaza, a Sprouts-anchored shopping center in the master- planned community of Rancho Bernardo in San Diego, for $12.45 million. The buyer was ROIC BHP LLC of San Marcos, CA, and the seller was MPC Bernardo Heights L.P. of Anaheim, CA.