About five years after buying the Block 37 shopping mall, a Los Angeles investment firm has decided to sell the Loop property, which could fetch as much as $200 million, according to a report.

CIM Group has hired the brokerage Eastdil Secured to seek buyers for the retail space and parking in the project at the southwest corner of State and Randolph Streets, according to Real Estate Alert, a trade publication. Block 37 was the first Chicago deal for CIM, which has gone on to buy office buildings and develop apartment towers here, and take on a major redevelopment of the historic Tribune Tower on North Michigan Avenue.

Eastdil and CIM representatives did not immediately respond to requests for comment. Real Estate Alert did not identify the source of the information in its story.

When CIM paid $84 million for Block 37 in April 2012, the four-story, 290,000-square-foot mall was badly in need of a turnaround. The seller, Bank of America, had seized the property through foreclosure in 2011, and its retail space was just 30 percent occupied.

Related:

• Buyer pays $84 million for Block 37 shopping mall

• Block 37 finished? Really?

• Sale of Tribune Tower closes

CIM brought in new retail tenants, including an 11-screen AMC movie theater and Latinicity, a Latin American-themed food court. But the mall is still only about 63 percent leased, according to real estate data provider CoStar Group.

Though the mall won't sell for as much as it would if it were fully leased, it should attract interest from so-called value add investors willing to finish the job.

The sale does not include Marquee at Block 37, a recently opened 694-unit apartment tower that CIM built above the mall along Randolph Street. The rental building was 39 percent leased as of the third quarter, according to Appraisal Research Counselors, a Chicago-based consulting firm. The offering also doesn't include a 440,000-square-foot office building along Washington Street that's owned by Prudential Real Estate Investors.

CIM's other Chicago investments include a 39-story office tower at 440 S. LaSalle St. and a new 397-unit apartment tower at 1001 S. State St. In September, the Los Angeles-based firm completed its $240 million acquisition of Tribune Tower and a parcel next door. CIM has yet to unveil its plans for the property.

This story has been corrected to reflect that the tower at 1001 S. State is 397 units.