{"id":1004349734,"date":"2019-09-04T03:23:51","date_gmt":"2019-09-04T11:23:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004349734"},"modified":"2019-09-04T03:23:51","modified_gmt":"2019-09-04T11:23:51","slug":"realty-income-to-buy-1-3b-retail-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/realty-income-to-buy-1-3b-retail-portfolio\/","title":{"rendered":"Realty Income to Buy $1.3B Retail Portfolio"},"content":{"rendered":"
\"One<\/a>

One of CIM’s Dollar General stores at 1455 Gears Road in Houston. Image via Google Street View<\/i><\/p><\/div>\n

CIM Group has agreed to sell a fully leased retail portfolio of 454 assets totaling 5.1 million square feet to Realty Income Corp. for $1.3 billion in cash. The majority of the acquisitions will occur in various tranches before year-end.<\/p>\n

In addition to the single-tenant properties, Realty Income will assume an estimated $131 million of the seller\u2019s debt, which bears interest at a weighted rate of 4.5 percent and has a weighted remaining term of 5.3 years. The transactions involving mortgage assumptions are estimated to close by the end of the second quarter next year. Eastdil Secured acted on behalf of CIM in the deal.<\/p>\n

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READ ALSO:<\/strong> DJM, Gaw Capital Purchase Iconic Hollywood Retail Complex<\/a><\/p>\n

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The buildings are spread across 41 states, with Dollar General the largest tenant, occupying 145 structures and accounting for 15.8 percent of the portfolio\u2019s total rental income. Other retailers in the assets include dollar, convenience and drug stores, restaurants and grocers. The average weighted remaining lease term for the properties is 9.7 years.<\/p>\n

CIM Real Estate Finance Trust, the subsidiary of CIM involved in the deal, will be left with a 20.1 million-square-foot portfolio following the deal\u2019s close. The firm intends to push forward with plans to sell more selected retail assets in the next two years as it transitions into a mortgage REIT.<\/p>\n","protected":false},"excerpt":{"rendered":"

In addition to more than 450 single-tenant commercial assets, the buyer will pick up approximately $131 million of debt held by the seller.<\/p>\n","protected":false},"author":861,"featured_media":1004349833,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,23891,21742,21749],"tags":[33194,35660,33101,46856],"class_list":["post-1004349734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-national","category-latest","category-retail","tag-cim-group","tag-dollar-general","tag-eastdil-secured","tag-realty-income-corporation"],"acf":[],"yoast_head":"\nRealty Income to Buy $1.3B Retail Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/realty-income-to-buy-1-3b-retail-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Realty Income to Buy $1.3B Retail Portfolio\" \/>\n<meta property=\"og:description\" content=\"In addition to more than 450 single-tenant commercial assets, the buyer will pick up approximately $131 million of debt held by the seller.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/realty-income-to-buy-1-3b-retail-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-04T11:23:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/retail-news-03.-Image-via-Pixabay.com_.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Hamann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/realty-income-to-buy-1-3b-retail-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/realty-income-to-buy-1-3b-retail-portfolio\/\",\"name\":\"Realty Income to Buy $1.3B Retail Portfolio - 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