Real estate investment trust CIM Commercial Trust Corporation has appointed Charles E Garner II as chief executive officer, effective immediately.
Garner is a principal at CIM Group, the manager of CIM Commercial Trust Corporation, and is one of the group’s most senior principals with a leadership role in sourcing, acquiring, and managing investments for its varied investment platforms.
“I am excited to harness the full power of CIM’s broad capabilities to grow CMCT’s office portfolio and generate value for our shareholders,” says Garner. “I am very familiar with CMCT’s assets having been involved in their acquisitions, repositioning and management.”
“Charlie’s 30 years of experience in the real estate industry and more than 11 years as a member on CIM’s investment and asset management committees position him well to leverage CIM Group’s broad array of resources in support of CMCT’s plans for the future,” says Richard Ressler, chairman of CMCT.
CMCT also announced that it is exploring strategic alternatives for its lending business. The likely result will be the deconsolidation of the lending business, allowing CMCT to increase its focus as an urban office REIT while independently expanding, diversifying and growing the lending business.
“I am extremely pleased with the actions taken today to focus and accelerate CMCT’s strategy of acquiring and owning stabilised office properties in communities CIM Group has qualified for transformative opportunistic investments,” Ressler says.