Realty Income acquires portfolio of properties for $1.25B
Certain subsidiaries of CIM Real Estate Finance Trust have entered into an approximately $1.25B purchase and sale agreement to sell 454 single-tenant properties to Realty Income. The purchase price will be paid mainly in cash, subject to Realty Income's option to seek the assumption of certain existing debt, of which it currently anticipates to assume $131 million. The 454 single-tenant properties involved in the acquisition by Realty Income are 100% leased and encompass approximately 5.1 million gross rentable square feet across 41 states. Notable tenants include Dollar General, Walgreens, Dollar Tree/Family Dollar and United Oil. The majority of the transaction is anticipated to close by the end of the year, and as loan assumptions occur subsequent closings are expected to be completed by the end of the second quarter of 2020.