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VEREIT closes sale of Cole Capital to CIM Group affiliate

VEREIT Inc. closed on the sale of Cole Capital to an affiliate of CIM Group for up to $200 million.

The purchase consideration comprises approximately $120 million in cash paid at closing and up to $80 million in fees to be paid under a six-year services agreement based on Cole's future revenues.

In connection with the closing, Glenn Rufrano resigned as president and CEO of Cole Office & Industrial REIT (CCIT II) Inc., Cole Office & Industrial REIT (CCIT III) Inc., Cole Credit Property Trust V Inc. and Cole Real Estate Income Strategy (Daily NAV) Inc., effective Feb. 1. He will remain a board member at these Cole Capital-sponsored nontraded real estate investment trusts.

Thomas Roberts resigned as president, CEO and a board member at Cole Credit Property Trust IV Inc., which is also sponsored by Cole, effective the same day. Rufrano also stepped down as a board member at Credit Property Trust IV.

CIM founder and principal Avraham Shemesh was appointed to succeed Rufrano at Cole Office & Industrial REIT (CCIT II) and Cole Credit Property Trust V, and will also serve as a director at these companies. The companies also expanded their boards to five members with the addition of Calvin Hollis, a former senior executive for real estate planning and development at the Los Angeles County Metropolitan Transportation Authority, as an independent director, effective March 12.

Taking over Rufrano's roles at Cole Real Estate Income Strategy (Daily NAV), Cole Office & Industrial REIT (CCIT III) and Cole Credit Property Trust IV is Orchard Capital Corp. founder and President Richard Ressler, who also joined as a director at these companies, effective Feb. 1.

Effective the same day, investor and consultant W. Brian Kretzmer was named an independent director at Cole Real Estate Income Strategy (Daily NAV), Cole Office & Industrial REIT (CCIT III) and Cole Credit Property Trust IV.