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 March1, 2019, CIM/Oakland 1901 Harrison, LP, CIM/Oakland 2353 Webster, LP, and CIM/Oakland Center 21, LP, all of which are indirect, wholly-owned subsidiaries of CIM Commercial Trust Corporation (the “Company”), and SOF-XI U.S. MAR Acquisitions, L.L.C. (the “Buyer”), a Delaware limited liability company, completed the previously announced sale of the following properties located in Oakland, California: 1901 Harrison Street, 2353 Webster Street, 2101 Webster Street, and 2100 Franklin Street (collectively, the “MarchOakland Properties”). The aggregate contract sales price was approximately $512 million.
Item 8.01 Other Events.
On March7, 2019, the Company issued a press release announcing the completion of the sale of the MarchOakland Properties, a copy of which is attached hereto as Exhibit99.1 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 MarchOakland Properties, are furnished hereto as Exhibit99.2 to this Current Report on Form8-K and are incorporated herein by reference:
Unaudited Pro Forma Consolidated Balance Sheet as of September30, 2018.
Unaudited Pro Forma Consolidated Statement of Operations for the nine months ended September30, 2018.
Unaudited Pro Forma Consolidated Statement of Operations for the Year Ended December31, 2017.
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 MarchOakland 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.
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ExhibitNo. |
Description |
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10.1 |
Amended and Restated Purchase and Sale Agreement, dated as of February27, 2019, among CIM/Oakland 1901 Harrison, LP, CIM/Oakland 2353 Webster, LP, CIM/Oakland Center 21, LP and SOF-XI U.S. MAR Acquisitions, L.L.C. |
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99.1 |
Press Release, dated as of March7, 2019. |
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99.2 |
Unaudited Pro Forma Consolidated Balance Sheet as of September30, 2018, Unaudited Pro Forma Consolidated Statement of Operations for the nine months ended September30, 2018 and Unaudited Pro Forma Consolidated Statement of Operations for the Year Ended December31, 2017, including the notes thereto. |
CIM Commercial Trust Corp Exhibit
EX-10.1 2 a19-5872_1ex10d1.htm EX-10.1 Exhibit 10.1 AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS Buyer and Seller described below have previously executed a Purchase and Sale Agreement and Joint Escrow Instructions dated as of January 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.
