CIM Group Announces CCIT II Property Acquisitions of More than $132 Million
January 24, 2020
CIM Group announced on January 22, 2020, that CCIT II, a publicly registered non-listed real estate investment trust (“REIT”) sponsored by affiliates of CIM Group, has acquired four commercial properties totaling $132,080,000 in the last 30 days. The acquisition from unaffiliated third-party sellers added 519,000 square feet on single-tenant net-leased assets to the CCIT II portfolio.
Details on the properties are as follows:
• 6 Tech Drive, located in Andover, Massachusetts, was purchased in January for $19.9 million. Draeger Medical Systems, an international manufacturer of medical, safety and aerospace equipment, has a long-term lease on the 128,400 square-foot building, which serves as their North American Headquarters. The building is part of the Andover Tech Center, which houses headquarters for other technology companies, as well as an extended-stay hotel.
• 1740 International Drive, located in Memphis, Tennessee, was acquired for $78 million in December. International Paper Company, one of the world’s leading producers of packaging, pulp and paper, occupies the 238,583 square-foot, nine-story office building, which was constructed for the company in 2015 on the 5.1 acre site.
• 25 Loveton Circle, located in Sparks, Maryland, was purchased in December for $9.6 million. The 54,837 square-foot, single-story building has a long-term lease with a provider of on-site operations and maintenance for mechanical building systems. Built in 1981 and renovated in 2016, this location is the tenant’s national headquarters.
• 10330 David Taylor Drive, located in Charlotte, North Carolina, was acquired for $25.4 million, also in December. The 97,596-square-foot, three-story building serves as the regional headquarters for United Rentals, an equipment rental company serving a variety of commercial businesses with a network of locations throughout the United States and Canada.
About Cole Office & Industrial REIT (CCIT II)
Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) is a public, non-listed REIT formed in 2013 that primarily owns and operates income-producing, single-tenant corporate office and industrial properties subject to long-term net leases with national or regional creditworthy tenants. CCIT II seeks to provide access to high-quality commercial real estate assets, providing current income, reduced overall portfolio volatility, and the potential for capital appreciation for its shareholders. As of September 30, 2019, CCIT II held $983.2 million in total assets, with $621.6 million being in real estate, for a total of 19 properties located in 10 states. CCIT II is sponsored by an affiliate of CIM Group, LLC.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in metropolitan communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.
Source: CIM Group, Blue Vault
