November 1, 2019
CIM Group broadened its presence on Austin’s east side through acquisition of three properties, totaling 270,000 square feet. The Los Angeles-based company struck a deal with local company 3423 Holdings LLC, headed by investor Peter Barlen, for the two creative office buildings and one warehouse.
The portfolio consists of:
- The under-construction Rail Spur Building, a 75,000-square-foot creative office building at 618 Tillery St.
- A creative office building at 507 Calles St. The property was a former warehouse, which delivered in the 1940s
- A warehouse at 1300 E. 5th St.
The buy expands CIM’s Austin office portfolio, which totaled approximately two million square feet. Other assets owned by the company include Penn Field, Hartland Plaza, Eastside Village and Chase Tower. CIM was also co-developer of the Seaholm Power Plant mixed-use project.
Pictured: Rendering of Rail Spur Building, 618 Tillery St.
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