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CIM Affiliated REIT Divests 18 Properties to ILPT for $625M
Affiliates of Phoenix-based Cole Office & Industrial REIT (CCIT II) closed on the previously announced sale of 18 industrial properties to Newton, MA-based Industrial Logistics Properties Trust (ILPT) for $624.7 million. The transaction includes $567.7 million in cash and the assumption of a $57 million loan by ILPT.
“CCIT II intends to deploy the net sale proceeds to further position the portfolio to maximize shareholder value,” said Bill Miller, president of CCO Capital, LLC, a registered broker-dealer owned by CIM Group and dealer manager for CCIT II.
Mark Selman, managing director for Portfolio Oversight at CIM Group, says “Proceeds from the sale will be used for the acquisition of additional high-quality net-lease properties, the repayment of debt and for other general corporate purposes.”
Eastdil Secured represented CCIT II in the transaction.
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- ◦Sale/Acquisition