CIM Commercial Trust to Acquire 9460 Wilshire Boulevard in Beverly Hills
January 03 2018 - 2:54PM
Business Wire
CIM Commercial Trust Corporation (NASDAQ: CMCT) (TASE: CMCT), a
real estate investment trust (REIT) that principally invests in,
owns, and operates Class A and creative office investments in
vibrant and improving urban communities throughout the United
States, announced today that it has signed a definitive agreement
to purchase the fee simple interest in 9460 Wilshire Boulevard in
the Golden Triangle of Beverly Hills, California.
The mid-century, nine-story, 97,000-square-foot Class A office
building with significant retail street frontage was built in 1959
and last renovated in 2008. The building is located at the
prominent corner of Wilshire Boulevard and Beverly Drive, adjacent
to the Four Seasons Beverly Wilshire Hotel, and at a prime location
one block from the future Metro Purple Line Wilshire/Rodeo Station.
The acquisition is expected to close in the first quarter of
2018.
“9460 Wilshire, situated in the prominent Golden Triangle and
surrounded by first-class retailers, restaurants, hotels, and
services, is in a highly-desirable and high barrier to entry office
market. It is a strong addition to CIM Commercial Trust’s
portfolio,” said Charles Garner, CEO of CIM Commercial Trust
Corporation. “The property has not changed ownership in almost
forty years, and is positioned for growth by tapping CIM’s
operational expertise and long-term experience in the Los Angeles
market. Our goal is to continue to invest in high-quality urban
assets possessing attractive growth prospects, such as 9460
Wilshire.”
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust Corporation is a real estate investment
trust (REIT) that principally invests in, owns, and operates Class
A and creative office investments located in vibrant and improving
urban communities throughout the U.S. Properties are primarily
located in Los Angeles, the San Francisco Bay Area and Washington,
D.C. CIM Investment Advisors, LLC, the manager of CIM Commercial
Trust, is comprised of a seasoned team of real estate investment
professionals with extensive expertise in acquisitions,
investments, development, finance, leasing, asset management as
well as in-house research capabilities. www.cimcommercial.com
FORWARD-LOOKING STATEMENTS The information set forth herein
contains "forward-looking statements." You can identify these
statements by the fact that they do not relate strictly to
historical or current facts or discuss the business and affairs of
CIM Commercial Trust Corporation on a prospective basis. Further,
statements that include words such as "may," "will," "project,"
"might," "expect," "believe," "anticipate," "intend," "could,"
"would," "estimate," "continue," "pursue," or "should" or the
negative or other words or expressions of similar meaning, may
identify forward-looking statements. CIM Commercial Trust bases
these forward-looking statements on particular assumptions that it
has made in light of its experience, as well as its perception of
expected future developments and other factors that it believes are
appropriate under the circumstances. The forward-looking statements
are necessarily estimates reflecting the judgment of CIM Commercial
Trust and involve a number of risks and uncertainties that could
cause actual results to differ materially from those suggested by
the forward-looking statements. These forward-looking statements
are subject to risks, uncertainties and other factors, including
those set forth in CIM Commercial Trust's Annual Report on Form
10-K for the fiscal year ended December 31, 2016. As you read and
consider the information herein, you are cautioned to not place
undue reliance on these forward-looking statements. These
statements are not guarantees of performance or results and speak
only as of the date hereof. These forward-looking statements
involve risks, uncertainties and assumptions. In light of these
risks and uncertainties, there can be no assurance that the results
and events contemplated by the forward-looking statements contained
herein will in fact transpire. New factors emerge from time to
time, and it is not possible for CIM Commercial Trust to predict
all of them. Nor can CIM Commercial Trust assess the impact of each
such factor or the extent to which any factor, or combination of
factors may cause results to differ materially from those contained
in any forward-looking statement. CIM Commercial Trust undertakes
no obligation to publicly update or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events, except as required by law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180103006118/en/
for CIM Commercial Trust CorporationMedia Relations:Karen Diehl,
310-741-9097karen@diehlcommunications.comorBill Mendel,
212-397-1030bill@mendelcommunications.comorInvestor Relations:Steve
Altebrando, 646-652-8473investors@cimcommercial.com
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