CIM Group REIT buys four assets, totaling $132m
Transactions - JANUARY 23, 2020

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CIM Group REIT buys four assets, totaling $132m

by Andrea Zander

CCIT II, a publicly registered non-listed REIT sponsored by affiliates of CIM Group, has completed the acquisition of four commercial properties, totaling $132 million, adding approximately 519,000 square feet of single-tenant net-leased assets to the CCIT II portfolio.

The highest priced new asset is the 238,583-square-foot, nine-story office building, located at

1740 International Drive in Memphis, Tenn. The sales price was $78 million. The building is occupied by International Paper Company, one of the world’s leading producers of packaging, pulp and paper.

In North Carolina, CCIT II paid $25.4 million for the 97,596-square-foot, three-story building, located at 10330 David Taylor Drive, Charlotte.

It acquired 6 Tech Drive in Andover, Mass., a 128,400-square-foot two-story building for $19.1 million. The building has a long-term lease with Draeger Medical Systems, an international manufacturer of medical, safety and aerospace equipment, and serves as

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