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VEREIT CEO Glenn Rufrano “We believe we’re well on our way” to re-establishing the Cole Capital brand, Rufrano told GlobeSt.com 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.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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