VEREIT CEO Glenn Rufrano “We believe we’re well on our way” to re-establishing the Cole Capital brand, Rufrano told in May of this year.

PHOENIX—VEREIT Inc. and CIM Group said Monday afternoon they had signed a purchase agreement for an affiliate of CIM Group to acquire Cole Capital, VEREIT’s investment management business. For VEREIT, the sale will represent a streamlining of its business; for Los Angeles-based CIM, it will bring a retail distribution network serving independent broker-dealers and registered investment advisors into the fold.