LOS ANGELES—CIM Group has sold Market Lofts, the retail portion of its 267-unit condo tower, to MDC Realty Advisors USA Inc. for $19 million.
The 55,000-sq.-ft. retail section of the property is at Ninth Street between Hope and Flower streets in the downtown. The retail is anchored by Ralphs Fresh Fare supermarket, which opened in 2007, and also includes Coffee Bean & Tea Leaf, Supercuts, Simply Salads, Robeks Juice, the UPS Store and Quiznos.
Carlos J. Lopez and Edward B. Hanley with Hanley Investment Urban Retail Advisors represented both buyer and seller in the deal. “Downtown Los Angeles is probably the most dynamic real estate marketplaces in all of Southern California, if not the entire United States,” says Lopez, president of the firm, in a statement. “The footprint of Downtown Los Angeles will be adding more mid and high-rise apartment buildings, new hotel developments, world class museums, football stadiums, a potential street car and the arrival of exciting retailers and restaurants.”