CIM Real Estate Finance Trust has entered into an agreement to sell all of its shopping centers to American Finance Trust (AFIN) for $1.27 billion.
“This transaction represents a key milestone as CMFT sharpens its focus on its core business as a credit REIT that invests principally in senior secured loans and credit leases,” said Richard Ressler, principal and co-founder of CIM Group.
The 81 properties included in the agreement have a weighted average lease term (WALT) of five years, compared with CMFT’s remaining portfolio of 437 credit-lease properties with a WALT of 10.8 years.
The transaction is expected to close during first quarter 2022.
After the transaction closes, CMFT’s credit-lease portfolio is expected to consist of 114 tenant concepts encompassing about 13.2 million gross rentable square feet of commercial space across 45 states. Those assets are 98.4 percent leased and represent 25 industry sectors. Additionally, CMFT’s senior secu
