CIM Group just added another SoMa building to its portfolio with its purchase of 340 Townsend. The five-story 50k SF office building with 183 parking spaces is leased to iHeartMedia, which also sold the property.

“This is a market we know well and one in which CIM continues to seek office investments,” CIM Group co-founder and principal Shaul Kuba said. “SoMa continues to evolve into an appealing community that maintains the architectural expression of its industrial history, completed by modern uses.”

340 Townsend is across the street from the Caltrain terminus, one block from the Central Corridor transit line under construction and three blocks from the 303-acre redevelopment site at Mission Bay.

CIM’s portfolio also includes 260 Townsend, 330 Townsend, 274 Brannan, 246 1st St, Central Tower at 703 Market St, 30 3rd St and One Mission Bay, a luxury residential tower the developer just topped off earlier this year. CIM holds 4.4M SF of investments throughout the Bay Area.