February 2, 2018 Comments Off on CIM Group Affiliate Acquires Cole Capital from VEREIT Views: 2673 Hawaii, National News, West

CIM Group Affiliate Acquires Cole Capital from VEREIT

An affiliate of Los Angeles-based CIM Group acquired Cole Capital from Phoenix-based VEREIT, Inc. In connection with the transaction, VEREIT may receive up to $200 million, comprised of approximately $120 million cash paid at closing under the purchase agreement, and up to $80 million in fees to be paid under a six-year services agreement based on Cole’s future revenues.

Cole Capital Corporation, Cole’s broker-dealer subsidiary, has been renamed CCO Capital, LLC.

Cole operates five public non-listed real estate investment trusts (the Cole REITs): Cole Credit Property Trust IV, Inc., Cole Credit Property Trust V, Inc., Cole Real Estate Income Strategy (Daily NAV), Inc., Cole Office & Industrial REIT (CCIT II), Inc., and Cole Office & Industrial REIT (CCIT III), Inc. The Cole REITs together have more than $7.6 billion in real estate assets.

CIM’s Richard Ressler says, “CIM is acquiring expertise and taking over operations for what we believe are best-in-class performing real estate funds in the net-lease sector. We believe that adding net-lease assets is complementary to CIM’s urban real asset platforms, and will benefit all of our stakeholders.”

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