CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT) Files An 8-K Completion of Acquisition or Disposition of Assets

ME Staff 8-k

5 years ago

CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets.

On July 30, 2019, Union Square 941 Property LP, Union Square 825 Property LP and Union Square Plaza Owner LP, all of which are indirect subsidiaries of CIM Commercial Trust Corporation (the Company), completed the previously announced sale to Network Realty Partners, LLC of the following properties located in Washington, D.C. (collectively, the Union Square Properties): 999 North Capitol St. NE, 899 North Capitol St. NE and 901 North Capitol St. NE. The aggregate contract sales price was $181,000,000.

The description of the purchase and sale agreement for the Union Square Properties contained herein is not complete and is qualified

in its entirety by reference to the full text of such agreement. A copy of the purchase agreement is attached as Exhibit 10.1 hereto and

is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(b) Pro Forma Financial Information.

The following pro forma financial information (unaudited) of the Company, and the related notes thereto, after giving effect to the sale of the Union Square Properties, are furnished hereto as Exhibit 99.1 to this Current Report on Form 8-K and are incorporated herein by reference:

Unaudited Pro Forma Consolidated Balance Sheet as of March 31, 2019.

Unaudited Pro Forma Consolidated Statement of Operations for the Three Months Ended March 31, 2019.

Unaudited Pro Forma Consolidated Statement of Operations for the Year Ended December 31, 2018.

Such financial information is presented for informational purposes only and should not be considered indicative of actual results that would have been achieved had the sale of the Union Square Properties actually been consummated on the dates indicated in such pro forma financial statements and does not purport to be indicative of the financial condition as of any future date or results of operation for any future period.

(d) Exhibits.

CIM Commercial Trust Corp Exhibit
EX-10.1 2 a19-16592_1ex10d1.htm EX-10.1 Exhibit 10.1 EXECUTION VERSION PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS Basic Provisions The following Basic Provisions form a part of this Purchase and Sale Agreement and Joint Escrow Instructions (this Agreement). A. Effective Date of this Agreement: June 17,…
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About CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT)

CIM Commercial Trust Corporation is engaged in acquiring, owning and operating Class A office investments in urban communities throughout the United States. These communities are located in areas that include traditional downtown areas and suburban main streets. The Company operates in the business segments, including the acquisition, redevelopment, ownership and management of office real estate, multifamily real estate and hotels. Its real estate portfolio consists of over 30 assets. It has approximately 20 office properties (including over two parking garages and over two development sites), totaling approximately 5.6 million rentable square feet, which are approximately 86.9% occupied; multifamily properties, composed of over 930 units, which are approximately 92.4% occupied, and hotels, which have a total of approximately 1,070 rooms. Its office, multifamily and hotel assets are located in over 10 of the United States markets.