Realty Income has signed a definitive agreement to acquire up to 185 single-tenant retail and industrial properties from subsidiaries of CIM Real Estate Finance Trust for $894 million in cash. CIM Real Estate Finance Trust is a non-listed REIT which is sponsored by an affiliate of CIM Group.
The portfolio has a weighted average remaining lease term of approximately 9.2 years with approximately 48% of total portfolio annualized contractual rent coming from investment-grade rated clients.
This is Realty Income's fourth portfolio transaction with CIM, according to CEO Sumit Roy.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
