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In Search of Sanity
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Existing building:

Apr 4, 2013, 1:02pm PDT
CIM Group grabs possible SoMa development site for $30M
J.K. Dineen
Reporter-San Francisco Business Times

The Los Angeles-based investor CIM Group is in contract to pay $30 million for 330 Townsend St. — but the deal might be more about future development opportunities than current revenues.

While the 61,000-square-foot brick-and-timber building is 95 percent leased and ideally located across from the Caltrain station at Fourth and King, it could be replaced with a significantly larger project under two different rezoning scenarios.

The West SoMa plan, which has been approved by the Board of Supervisors, would allow an eight-story building on the 30,000-square-foot site, enabling CIM to build more than 200,000 square feet. The Central Corridor plan, which is still in the environmental review stage, would allow an even bigger building. The various scenarios being studied could allow a 130-foot mid-rise or a 300-foot highrise.

The building last sold in 2000 for $15 million, but has since been fully renovated . . . .
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