CIM Group has sold the Market Lofts Retail, an approximate 55,000 sqm property located on 9th Street between Hope and Flower Streets in downtown Los Angeles to MDC Realty Advisors USA, Inc.
Anchoring the space is the 50,000 sqm Ralphs Fresh Fare supermarket, which opened in June 2007. By bringing in the first full-service supermarket to downtown in more than 50 years, CIM Group’s announcement of the Ralphs lease at the Market Lofts development was widely acknowledged as a major turning point in the revitalization of the city center.
CIM Group developed the Market Lofts project, which includes 267 condominiums built above the street-level retail space. The retail space is fully-leased and includes The Coffee Bean & Tea Leaf, Supercuts, Simply Salads, Robeks Juice, The UPS Store and Quiznos.
