Home Alts News CIM-Sponsored REIT Buys Office Building Near Baltimore

CIM-Sponsored REIT Buys Office Building Near Baltimore

Cole Office & Industrial REIT, a publicly registered non-traded real estate investment trust sponsored by affiliates of CIM Group, has purchased 40 Wight Avenue, a five-story office building located in Hunt Valley, Maryland.

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Cole Office & Industrial REIT, a publicly registered non-traded real estate investment trust sponsored by affiliates of CIM Group, has purchased 40 Wight Avenue, a five-story office building located in Hunt Valley, Maryland, for $39.1 million, excluding closing costs.

Built in 2017 on approximately 7.4 acres, the approximately 132,000-square-foot LEED Gold designated building serves as the corporate headquarters for JMT, a regional engineering and design firm. The Hunt Valley area is located 17 miles north of Baltimore’s central business district.

Late last month, the REIT announced that it purchased four commercial properties for nearly $132.1 million from unaffiliated third-party sellers, adding approximately 519,000 square feet of single-tenant net-leased assets to its portfolio.

Cole Office & Industrial REIT focuses on office and industrial properties that are essential to the daily operations of businesses, including corporate or regional headquarters, regional distribution centers, and warehouses situated near major shipping and freight transport facilities.

The REIT commenced operations in September 2013 and closed its primary offering in September 2016 after raising $672 million in investor equity. Its portfolio totals 2.9 million square feet of office and industrial properties, as of September 30, 2019.

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