Home Commercial CIM Acquires the 844-Stall Pine Street Parking Garage in Downtown Seattle for...

CIM Acquires the 844-Stall Pine Street Parking Garage in Downtown Seattle for $57.7MM

By Jack Stubbs

CIM Group recently added a roughly 349,000 square foot parking garage in the heart of downtown Seattle to its portfolio.

On Monday, February 5th, the Los Angeles, California-based company purchased the 11-level Pine Street Parking Garage in downtown Seattle for $57.7 million, or approximately $165 per square foot, according to public records filed with King County. CIM made the acquisition with its partner, LAZ Parking Realty Investors, from The Benaroya Company, a Bellevue-based real estate company that operates throughout the Pacific Northwest.

The garage, located at 1601 Third Ave. in the heart of downtown Seattle, is a Class C property that totals 349,184 square feet and includes 844 parking stalls, according to public documents. Originally built in 1959, the parking structure includes 20,300 square feet of retail space on the ground floor. Current tenants include Columbia Sportswear and its affiliate Mountain Hardware, Enterprise Rental Car, Clear Channel and Total Outdoor, according to the property listing on Benaroya Company’s web site. The parking garage, which is operated by Republic Parking, also includes a skybridge link to Macy’s department store

The parking garage is located in Seattle’s downtown core in between Pine St. and Stewart St. and sits just two blocks from Westlake Park and four blocks from Pike Place Market. The structure is also about three blocks from Benaroya Hall and five blocks from the Washington State Convention Center. Additionally, the garage is roughly one-and-a-half miles from access to Interstate-5 and about two miles from Washington State Route 99.

Founded in 1994, CIM Group is focused on real estate investments in urban communities—as well as infrastructure supporting urban communities—primary across North America. CIM owns and operates a variety of real estate assets including office, residential, retail, hospitality, entertainment, parking, signage and infrastructure investments on behalf of its partners and co-investors, according to the company’s web site. Since its founding, the company has owned and operated approximately 150 investments in 50 communities nationwide.

CIM has properties in Seattle, San Francisco, Los Angeles, Las Vegas and Denver, among other cities, according to the company’s web site. And the newly-acquired parking garage sits in close proximity to another of CIM’s properties. The other commercial property in CIM’s portfolio is One Convention Place located at 701 Pike St. in downtown Seattle, a 17-story 312,000 square foot Class A office building that shares an entrance with the Washington State Convention Center.

In February 2017, CIM announced a strategic partnership with Tokyo, Japan-based Mitsui & Co., Ltd. that expanded both organizations’ growth initiatives in real estate and infrastructure investments across North America, with Mitsui investing between $450 and $550 million to fund CIM’s continued growth.

The Benaroya Company, founded in 1956, focuses on build-to-suits, data centers and short-term financing investment opportunities throughout the Pacific Northwest. Since 1995, Benaroya has acquired and/or developed more than 12 million square feet of real estate projects including data centers; medical, retail, industrial, technology and office facilities for a wide range of global and regional companies, according to the company’s web site. Some of these companies include Fred Hutchinson Cancer Research Center, Kaiser Permanente, Nordstrom, Seattle Children’s Hospital and Verizon.

Benaroya also owns and manages properties throughout the Puget Sound region. Some of these include SH1 Colocation, a 56,605 square foot data center in Puyallup; Benaroya I-90 South, a 79,904 square-foot, four-story, class A office building on the I-90 Corridor in suburban Bellevue; a 66,376 square foot retail site available for sale or for build-to-suits in Milton; and a 320-acre Pacific Northwest Regional Logistics Center in Winlock, according to the company’s web site.