BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jan. 3, 2018--
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/
Source: CIM Commercial Trust Corporation
for CIM Commercial Trust Corporation
Media Relations:
Karen
Diehl, 310-741-9097
karen@diehlcommunications.com
or
Bill
Mendel, 212-397-1030
bill@mendelcommunications.com
or
Investor
Relations:
Steve Altebrando, 646-652-8473
investors@cimcommercial.com