The 7.2-acre property takes up the better part of three blocksbounded by Grand Avenue, Figueroa Street and 8th and 9th streets.It includes the former headquarters of Southern California GasCo.

CIM Group co-founder Shaul Kuba says the old Gas Companycomplex, in the 800 block of Flower Street, will be converted intoresidential lofts. Though plans for the rest of the newly acquiredparcel haven't been finalized, Kuba says they will includeconstruction of the Central Business District's first supermarket-- a business that Downtown boosters have long said is needed tomake the area a true live-work, 24-hour community.

The acquisition was made by CIM through its CIM Urban RealEstate Investment Fund. The $180-million fund was establishedearlier this year with money from the California Public Employees'Retirement System and the California State Teachers' RetirementSystem, two of the nation's largest pension groups.