Client Profile:

Los Angeles based private real estate firm focused on the development, acquisition and repositioning of commercial properties throughout the country

Client Objective:

To dispose of a high profile, 230,000 SF retail shopping center on the Westside of Los Angeles without conducting a public marketing effort

Project Challenges:

Achieving a sale price equal to or in excess of the fair market value of the property without conducting a broad based, national marketing campaign. In addition, the property was encumbered by unfavorable financing that the seller required to be assumed in connection with the sale.

Pegasus Services Involved:
  • Investment Sales
Pegasus Solution:

Pegasus identified dozens of likely buyers of retail assets in excess of $100m and began discretely contacting the most qualified and active investors. Pegasus began discussions with a publicly traded REIT with a significant need to allocate funds and was able to negotiate extremely favorable pricing and transaction terms on behalf of the seller, including the assumption of the existing loan.

Results:

Pegasus successfully negotiated the $115m sale of Culver Center from Continental Development Group to Equity One, Inc. (NYSE: EQY), which constituted the largest single asset retail transaction in Los Angeles in 2011.