CIM Group announced the acquisition of the condominium interest in the Sixth Avenue Garage, a 520-stall, 11-level parking structure in Downtown Seattle. Located at 1301 6th Avenue at the corner of University Street, the parking structure is at the base of the 256-room Hilton Downtown Seattle.
The Sixth Avenue Garage is connected to the 5th Avenue Concourse, an underground walkway spanning five blocks, which provides direct access to the Convention Center, One and Two Union Square office towers, Rainer Tower office building as well as the 5th Avenue Theatre, a landmark theatre building hosting a variety of theatre productions and motion pictures. The garage is also one block from the Rainer Square mixed-use development. Visitors to the garage also have convenient vehicular access next to the adjacent I-5 Expressway on-ramp.
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CIM has been involved in the Seattle area for more than 10 years after it qualified the area for investment, and where CIM could utilize its broad expertise of owning, developing, repositioning, and operating properties to enhance the value of communities. The acquisition of the Sixth Avenue Garage adds to CIM’s Seattle portfolio which includes Pine Street Garage, an 844-stall, 11-level parking garage at 3rd Avenue and Pine Street; Dexter Horton Building, a 15-story, 335,000-sqare-foot Art Deco office building near Pioneer Square; and One Convention Place, a 17-story, approximately 312,000 square-foot Class A office building located on the southeast corner of Pike Street and 7th Avenue. CIM previously owned Butler Garage, a 12-story, 456-stall parking facility located in the Pioneer Square district, which the company has sold.
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