National | November 15, 2017

VEREIT Selling Cole Capital to CIM Group Affiliate for Up to $200M

Phoenix-based VEREIT, Inc. is selling Cole Capital, VEREIT’s investment management business, to an affiliate of Los Angeles-based CIM Group for up to $200 million. Cole counts more than $7.6 billion in assets under management and manages five public non-listed real estate investment trusts.

CIM’s Richard Ressler says, “CIM is acquiring expertise and what we believe are best-in-class performing funds in the net/finance lease sector.”

Cole Capital’s net/finance lease products will continue to be marketed under the Cole brand, and CIM’s Urban Real Asset products will continue to be marketed under the CIM brand. The transaction is expected to close by Q1 2018.

The strategic transaction enables VEREIT to simplify its business model and focus on its real estate operating business. CIM is acquiring a retail distribution organization serving Independent Broker-Dealers and Registered Investment Advisors, which will complement CIM’s existing relationships with institutional investors and wirehouse distribution channels.

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*Pictured Cole Office & Industrial REIT’s Keurig world headquarters in Burlington, MA via SMMA

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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