OAKLAND (CBS SF) — Jack London Square, a landmark on Oakland’s waterfront, has been sold to the CIM Group, a Los Angeles real estate firm that has its Bay Area office in Oakland, the parties involved in the sale said Friday.
The transaction covers 434,000 square feet of existing office and retail space in six buildings as well as three land sites that were recently approved for up to 665 residential units and a hotel. The terms of the transaction weren’t announced.
The site was sold to the CIM Group by Jack London Ventures, which consists of commercial realty firms Ellis Partners, Transbay Holdings and DivcoWest.
Jim Ellis, a managing principal at Ellis Partners, said in a statement, “We are very proud of our role in the renaissance of Jack London Square over the last 14 years.”
Ellis said, “Through good economic times and bad, the dedication of many has helped further the square’s attraction as a world-class dining, entertainment, tourism and family destination on Oakland’s unique waterfront.”
Melinda Ellis Evers, another principal at Ellis Partners, said, “We are confident that CIM will continue to shepherd this beloved place with the care and attention that our entire team has brought to their work for so many years.”
Ellis Partners officials said their firm helped lead efforts to build two new office and retail buildings, rehabilitate properties across the nine-block neighborhood and recruit high-quality retail, food and entertainment entrepreneurs.
They said they also maintain close connections with the community through events that are held at Jack London Square throughout the year, including Pedal Fest, Waterfront Flicks, Eat Real and Dancing Under the Stars.
DivcoWest chief executive Stuart Shiff said, “In just the past twelve months, the project has seen full occupancy in its office space, including the arrival of Sunset Magazine’s headquarters. We have added new tenants in each of the commercial buildings and seen the huge popularity of Plank as an entertainment destination.”
Shiff said, “We continue to be big believers in the future of Oakland.”
CIM said in a statement that it is “working towards maximizing the value” of the Jack London Square property and is beginning to design the residential units and hotel that were recently approved.
CIM said it made its first acquisition in Oakland in 2007 and its Bay Area portfolio is comprised of about 3.1 million square feet that includes a variety of Class A commercial properties in San Francisco and Oakland.
© Copyright 2016 by CBS San Francisco and Bay City News Service. All rights reserved. This material may not be published, broadcast, rewritten or redistributed