CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT) Files An 8-K Entry into a Material Definitive Agreement

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CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

On February 10, 2017, CIM Urban REIT 211 Main St. (SF), LP (the “Seller”), an indirect, wholly-owned subsidiary of CIM Commercial Trust Corporation (the “Company”), and BPP 211 Main Owner LLC (the “Buyer”), a Delaware limited liability company, entered into a Purchase and Sale Agreement (the “Agreement”) to which the Buyer agreed to purchase from the Seller an office building located at 211 Main Street in San Francisco, California.

The contract sales price is approximately $293 million, subject to adjustment in accordance with the terms of the Agreement. On February 15, to the terms of the Agreement, the Buyer deposited $15 million into an escrow account, which deposit is non-refundable except in certain circumstances as specified in the Agreement.

The sale is subject to customary closing conditions. The Company expects the closing of this sale to occur within the first quarter of 2017.


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.

CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT) Recent Trading Information

CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT) closed its last trading session down -0.05 at 15.40 with 1,846 shares trading hands.