Four Cole Capital non-traded real estate investment trusts have named two new directors following the resignation of Glenn Rufrano, effective December 31, 2018.
Rufrano serves as CEO of VEREIT Inc. (NYSE: VER), a publicly-traded real estate investment trust formerly known as American Realty Capital Properties Inc., sold its retail distribution subsidiary Cole Capital to an affiliate of investment manager CIM Group earlier this year for $200 million, comprised of approximately $120 million cash at closing and up to $80 million in fees to be paid under a six-year services agreement based on Cole’s future revenues. The services agreement requires VEREIT to provide operational real estate support to Cole for approximately one year.
Following the acquisition of Cole, Rufrano resigned as president and CEO of Cole Credit Property Trust V, Cole Real Estate Income Strategy, and both Cole Office & Industrial REITs, but agreed to serve on the board of each company.
To fill the vacancy, Avraham Shemesh was appointed as a director of CIM Income NAV Inc. (formerly Cole Real Estate Income Strategy Inc.) and Cole Office & Industrial REIT (CCIT III) Inc. beginning in January 2019.
Sheemesh currently serves as the CEO, president and chairman of Cole Office and Industrial REIT Inc. (CCIT II) and Cole Credit Property Trust V Inc.
Shemesh has served as co-founder and a principal of CIM Group LLC since 1994 and is involved in the company’s acquisition process and provides acquisition guidance across its platforms. He serves on CIM’s investment and asset management committees and is responsible for the company’s day-to-day operations, including strategic initiatives, asset management and leasing and partner & co-investor relations and product management.
Additionally, Richard Ressler was appointed as a director of Cole Credit Property Trust V and Cole Office & Industrial REIT (CCIT II), starting in January 2019. He currently serves as CEO, president and chairman of Cole Office & Industrial REIT (CCIT III), Cole Credit Property Trust IV, and CIM Income NAV.
Ressler is the founder and president of Orchard Capital Corp., a Los Angeles based, $261 million venture fund that invests in information technology, cloud businesses, e-commerce, media & telecommunications, life sciences & healthcare, and clean technology.
Ressler co-founded CIM in 1994 and, through an agreement with Orchard Capital, chairs its executive, investment, allocation and asset management committees and serves on its credit committee.
Established in 1994, CIM is a vertically-integrated owner and operator of real assets that include urban residential, commercial, retail, hospitality, debt, and infrastructure investments, as well as U.S.-based retail and industrial net-lease. The company has managed more than $56 billion of projects in communities across the U.S. on behalf of its own account and its partners, co-investors and shareholders.
Currently, the company operates five public non-traded real estate investment trusts, including Cole Credit Property Trust IV, Cole Credit Property Trust V, CIM Income NAV, Cole Office & Industrial REIT (CCIT II), and Cole Office & Industrial REIT (CCIT III). The REITs have more than $7.6 billion in real estate assets combined.