{"id":1004039970,"date":"2012-04-10T05:24:45","date_gmt":"2012-04-10T13:24:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004038207"},"modified":"2022-12-08T23:04:40","modified_gmt":"2022-12-09T07:04:40","slug":"cim-buys-chicagos-block-37-from-boa","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cim-buys-chicagos-block-37-from-boa\/","title":{"rendered":"CIM Buys Chicago\u2019s Block 37 from BoA"},"content":{"rendered":"<p><strong>By Nicholas Ziegler, News Editor<\/strong><br \/>\n<div id=\"attachment_1004038208\" style=\"width: 310px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/04\/041012-Block-37-Chicago-2008-user-chascarper.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004038208\" data-attachment-id=\"1004038208\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/121611-econwatch-foreclosure-user-kevin-dooley-150x150\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/121611-EconWatch-Foreclosure-user-kevin-dooley-150x150.jpg\" data-orig-size=\"150,150\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"121611-EconWatch-Foreclosure-user-kevin-dooley-150&#215;150\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/121611-EconWatch-Foreclosure-user-kevin-dooley-150x150.jpg?w=150\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/04\/041012-Block-37-Chicago-2008-user-chascarper.jpg\" alt=\"\" title=\"041012 - Block 37 Chicago 2008 user chascarper\" width=\"300\" height=\"225\" class=\"size-medium wp-image-1004038208\" \/><\/a><p id=\"caption-attachment-1004038208\" class=\"wp-caption-text\">The Block 37 site as it appeared in 2008. Image courtesy Flickr user chascarper<\/p><\/div><\/p>\n<p>CIM Group, the Los Angeles-based real estate fund, has closed on Chicago\u2019s troubled Block 37 development. The Downtown Loop-area shopping mall, located directly across the street from Macy\u2019s State Street, the second-largest department store in the nation, is a five-story retail center that has been struggling to gain traction.<\/p>\n<p>In March 2011, the Block 37 development sold for $100 million at auction, with the winning bid going to Bank of America. BoA was among the lenders that foreclosed on developer Joseph Freed &amp; Associates just before it was slated to open in 2009. At the time, the developer was estimated to have defaulted on more than $200 million in debt.<\/p>\n<p>Sources put CIM\u2019s purchase at approximately $84 million.<\/p>\n<p>The 275,000-square-foot retail center currently has a few tenants, including Anthropologie, Sephora, Disney and Magnolia Bakery. But most of the available space remains empty, with the current tenants taking only 30 percent of available inventory. In a press release, CIM noted it \u201cplans to lease the balance of the building to national and local retailers.\u201d<\/p>\n<p>The site was named for one of the original Chicago city blocks established in 1830, and has remained primarily a retail center throughout the years.<\/p>\n<p>CIM has been busily working on retail across the country and is no stranger to controversy. In early March, the developer <a href=\"https:\/\/www.commercialsearch.com\/news\/business-specialties\/mid-city-l-a-shopping-center-completes-construction\/\">completed construction of the 330,000-square-foot Midtown Crossing project<\/a> in Mid-City Los Angeles that sits on 11 acres. During the project\u2019s timeline, however,some residents were unhappy with the complex\u2019s big-box elements, claiming that the developer ignored requirements by the Los Angeles Planning Commission, while CIM maintained that it followed all guidelines.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CIM Group, the Los Angeles-based real estate fund, has closed on Chicago\u2019s troubled Block 37 development. The fund purchased the property from Bank of America for a reported $84 million. <\/p>\n","protected":false},"author":1201,"featured_media":1004039359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,13,21742,21785,21749],"tags":[],"class_list":["post-1004039970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-midwest","category-latest","category-property-management","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CIM Buys Chicago\u2019s Block 37 from BoA - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cim-buys-chicagos-block-37-from-boa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIM Buys Chicago\u2019s Block 37 from BoA\" \/>\n<meta property=\"og:description\" content=\"CIM Group, the Los Angeles-based real estate fund, has closed on Chicago\u2019s troubled Block 37 development. The fund purchased the property from Bank of America for a reported $84 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cim-buys-chicagos-block-37-from-boa\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-04-10T13:24:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T07:04:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/04\/041012-Block-37-Chicago-2008-user-chascarper.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cim-buys-chicagos-block-37-from-boa\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cim-buys-chicagos-block-37-from-boa\/\",\"name\":\"CIM Buys Chicago\u2019s Block 37 from BoA - 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