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Cim Group

May 20, 2010 | By David Zahniser, Los Angeles Times
Stung by the recession, one of the most prominent developers in Los Angeles is turning to the city for an additional $19.2 million to bring a long-delayed Lowe's Home Improvement store to Mid-City. CIM Group — owner of the Hollywood & Highland mall, investors in renewable energy and a prospective bidder on 10 city-owned parking garages — has asked officials for a new 20-year loan to help it complete Midtown Crossing, a shopping center at the junction of Pico and San Vicente boulevards.
December 26, 2009
Pension systems' investments Los Angeles developer CIM Group has amassed much of its investment capital from public pension systems. Here is a sampling of the commitments to CIM made by such agencies: California Public Employees' Retirement System: $1.87 billion Teacher Retirement System of Texas: $375 million New York State Common Retirement Fund: $250 million California State Teachers' Retirement System: $245 million University of California Retirement Plan: $150 million Arizona State Retirement System: $125 million City of Los Angeles (two systems)
December 26, 2009 | By Stuart Pfeifer and David Zahniser
Real estate developer CIM Group Inc. has built a reputation as a big-city turnaround artist, transforming dreary business districts from downtown Los Angeles to Washington, D.C., with pricey loft apartments, trendy retailers and leafy pedestrian malls. Founded in 1994 by two Israeli immigrants and an investment banker who once worked with junk-bond king Michael Milken, CIM has made its mark on some of the more recognizable developments in Southern California, including Santa Monica's Third Street Promenade.
November 23, 2009 | By David Zahniser
The former top executive of one of Los Angeles' public employee pension systems rented an apartment from a company that at the same time was securing millions of dollars in public funds from his agency. Robert Aguallo, who served as general manager of the City Employees' Retirement System until last year, was a tenant in a CIM Group apartment building in 2007, when his agency's board voted to invest $15 million in CIM's Fund III. Aguallo attorney Fred Woocher confirmed that his client lived at Gas Company Lofts in downtown Los Angeles for roughly three years, moving out in April 2009.
November 20, 2009 | By David Zahniser
An appointee of Los Angeles Mayor Antonio Villaraigosa voted two years ago to direct millions in public pension dollars to a company that invested in his own private equity fund, according to documents obtained by The Times. Elliott Broidy, chairman of Markstone Capital Partners, served until May on the Fire and Police Pensions board, which provides benefits to the city's retired police officers and firefighters. Real estate company CIM Group invested $500,000 in Markstone's private equity fund in 2004, according to an e-mail to the city's pension agency.
November 12, 2009 | Marc Lifsher
With the fortune he has made using his connections with public pension funds, it's hardly a surprise that Alfred J.R. Villalobos owns a sprawling, 9,100-square-foot home overlooking the emerald-blue waters of Lake Tahoe. But the way in which Villalobos financed construction of the $2.7-million mansion is fueling new questions in an investigation by the California Public Employees' Retirement system into the activities of so-called placement agents such as Villalobos. Documents show that the Villalobos home was built with the help of a $1.1-million loan from a partnership set up by CIM Group, a Hollywood-based real estate development firm.
August 4, 2009 | Carla Hall
Before the Cirque du Soleil performers pranced onto the outdoor stage in the sweltering heat Sunday, bushels of ice cubes were flung across the wooden floor to cool the surface for the hands and feet of dancers. A crowd of hundreds, hot but patiently watching at the Grove shopping center, cheered as if this safety step was part of the show. Onstage, Sebastien Coin, encased in a yellow striped unitard, balanced his body horizontally on one hand and languidly eyed his rapt audience.
August 4, 2009
Los Angeles is being promised more than 800 jobs, millions of dollars in new Hollywood tourism and a 10-year run of the famed Cirque du Soleil, and all the city has to do is approve a $30-million loan -- in federal money -- to the lessors of the Kodak Theatre in Hollywood. What could be bad? A lot. The city should reject the loan, then take a serious look at how it invests in economic development projects.
July 29, 2009 | David Zahniser
The Los Angeles City Council is weighing a plan to issue a $30-million loan that would allow the owner of the Hollywood & Highland shopping mall to retrofit a theater so it can house a decade of performances by Cirque du Soleil. CIM Group, which owns Hollywood & Highland but leases the Kodak Theatre within the mall, hopes to bring the acrobatic performances to the venue starting in 2011.
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