CIM Real Estate Finance Trust Inc., a publicly registered non-traded real estate investment trust, has sold the remaining property in its $1.3 billion sale of 81 open-air shopping centers to The Necessity Retail REIT Inc. (Nasdaq: RTL), a publicly traded REIT managed by AR Global and formerly known as American Finance Trust (Nasdaq: AFIN).
The 81 properties totaled 9.5 million square feet across the country and were sold in seven tranches between February 2022 and July 2022. According to a public filing, the final property is a 374,900-square-foot power center that is 98 percent occupied by 31 tenants with an average remaining lease term of 4.8 years, as of March 31, 2022.
The total portfolio sale price included up to $1.27 billion in cash, $53.4 million in Necessity Retail REIT common stock, and additional consideration based on certain performance measures of the sites during a 180-day period post-closing.
In December 2021, CIM Real Estate Finance Trust completed its merger with affiliated non-traded REIT, CIM Income NAV Inc., in a stock-for-stock merger transaction, marking another step in its business plan execution and anticipated public listing in 2022.
CIM Real Estate Finance Trust primarily owns and operates a portfolio of core commercial real estate assets consisting of net leased properties and a portfolio of commercial mortgage loans. The REIT launched its offering in January 2012 and raised more than $3 billion prior to closing in April 2014.