CIM Group Leases 32,000 Square Feet in Santa Monica to REI

Business Wire, Oct 7, 2005

SANTA MONICA, Calif. -- CIM Group has leased 32,000 square feet to Recreational Equipment, Inc. (REI), a popular outdoor gear and clothing cooperative, at 402 Santa Monica Blvd. The building was acquired by CIM Group in January from Toys "R" Us which then closed at this location in April. REI's new two-level store will occupy approximately 75 percent of the former Toys "R" Us. CIM is currently marketing the building's remaining 17,500-square-foot, two-level retail space.

"Our quick leasing of the space demonstrates the continued strength and appeal of this shopping district. This property is on a dominant corner near the Third Street Promenade," says Jeff Kreshek, principal - leasing, for CIM Group. "The 17,500 square feet still available for lease is perfect for a business interested in attracting a high-volume of foot traffic from residents and tourists."

The two-story building, built in 1995, is located at the southeast corner of Santa Monica Blvd. REI plans to open its store in Spring 2006, marking the company's seventh store in the Los Angeles area. REI is known for knowledgeable employees who help select the right gear and offer information and useful tips on how to achieve a great outdoor experience. A camp stove demonstration table and a footwear test trail will be among the in-store features to assist customers in learning about gear. A gear rental department encourages customers to try new outdoor activities.

CIM Group is an integrated, full service real estate investor with in-house acquisition, development, finance, leasing, and management capabilities. CIM Group directs its efforts towards districts of high population density, including the downtown areas within large cities, smaller "main street" districts within towns and suburban cities, and other locations which lie within the metropolitan areas of the country. Since its inception in 1994, CIM Group has been a leading force in the creation of great streets in the cities of Santa Monica, San Diego, Pasadena, Brea and Hollywood.