Market Overview

CIM Group Announces Second Quarter 2018 Results for Cole Office & Industrial REIT (CCIT III)

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Earlier today, Cole Office & Industrial REIT (CCIT III), Inc. ("CCIT
III" or the "Company"), a publicly registered non-listed real estate
investment trust ("REIT") that primarily owns and operates net-lease
commercial real estate across the office and industrial sectors, filed
its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange
Commission ("SEC") for the second quarter of 2018. CCIT III is sponsored
by an affiliate of CIM Group, LLC ("CIM"), a community-focused real
estate and infrastructure owner, operator and lender.

As of June 30, 2018, CCIT III's portfolio consisted of two properties
encompassing approximately 391,000 gross rentable square feet of
commercial space across two states with a total purchase price of
approximately $49.6 million, which includes certain external
acquisition-related expenses that were capitalized. Portfolio tenants
represented two concepts and one industry sector.

Results and Accomplishments for the Second Quarter 2018

  • CCIT III's weighted average remaining lease term was approximately
    10.2 years with 100% of properties leased.
  • Total revenue for the quarter ended June 30, 2018 was approximately
    $1.1 million, representing year-over-year growth of 48.9% from the
    same period in 2017.

Events Subsequent to June 30, 2018

  • Subsequent to June 30, 2018, the Company redeemed approximately 5,300
    shares for $48,000 pursuant to the Company's share redemption program
    at a redemption price of $9.00 per a share.

About Cole Office & Industrial REIT (CCIT III)

CCIT III is a public, non-listed REIT formed in 2016 that primarily owns
and operates income-producing, single-tenant necessity retail and
corporate office and industrial properties subject to long-term net
leases with national or regional creditworthy tenants. CCIT III seeks to
provide access to high-quality commercial real estate assets, providing
current income, reduced overall portfolio volatility and the potential
for capital appreciation for its shareholders. CCIT III is sponsored by
an affiliate of CIM.

About CIM Group®

CIM is a community-focused real estate and infrastructure owner,
operator and lender. Since 1994, CIM has managed more than $56 billion
of projects in communities across the Americas on behalf of its own
account and its partners, co-investors and shareholders. CIM's broad
in-house expertise includes decades of research, acquisition, credit
analysis, development, finance, leasing and asset management experience
in urban real assets, net-lease assets and other associated credit
strategies. CIM seeks to maximize its disciplined approach and extensive
in-house expertise by creating value in projects, which ultimately
enhances communities. For more information, visit www.cimgroup.com.

Forward-Looking Statements

Certain statements contained in this press release, other than
historical facts, may be considered forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
which reflect CCIT III's expectations regarding future events. The
forward-looking statements involve a number of assumptions, risks,
uncertainties and other factors that could cause actual results to
differ materially from those contained in the forward-looking
statements. Generally, the words "expects," "anticipates," "assumes,"
"targets," "goals," "projects," "intends," "plans," "believes," "seeks,"
"estimates," variations of such words and similar expressions identify
forward-looking statements. Such forward-looking statements are subject
to various risks and uncertainties, including those described under the
section entitled "Risk Factors" in the Company's Annual Report on Form
10-K for the year ended December 31, 2017, filed with the SEC. These
factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included in
this release and in the Company's filings with the SEC. The Company
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.

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